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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Risk Assessment
Is the risk assessment and materiality part of audit strategy or audit plan?
Both are part of the planning process. The assessments of risks and materiality are then kept under constant review because as the audit progresses and more information comes to light things might change. Sometimes the assessment of materiality at the planning stage is called a ‘preliminary assessment of materiality’.
