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Business risk and Internal controls

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Business risk and Internal controls

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • August 31, 2022 at 4:51 pm #664763
    Sichikolo
    Participant
    • Topics: 1
    • Replies: 0
    • ☆

    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?

    August 31, 2022 at 5:06 pm #664769
    Kim Smith
    Keymaster
    • Topics: 109
    • Replies: 7386
    • ☆☆☆☆☆

    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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