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Why is it significate for Auditors to obtain an understanding of the entity and its environment including the internal controls? And what is the relationship between risk and risk of material misstatement?
I suggest you have a quick read of this article, which will also update you on ISA 315 (Revised 2019).
Page 58 of our notes – https://opentuition.com/acca/aaa – gives examples of relationships between business risk and RoMM and page 59 summarises how RoMM fits into the audit risk model (which is assumed knowledge of AA).
(I have deleted the question you posted in error.)
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