… ASA 315 requires that the auditor’s assessment of the risks of material misstatement at the …

… misstatement is important in determining whether the assessment remains appropriate. …

… between the auditor’s further audit procedures and the risk assessment. …

… The reasons for the assessment given to a risk are relevant in determining the … intends to base the substantive procedures on that low assessment, then the auditor performs tests of those …

… The auditor’s assessment of the identified risks of material misstatement … the auditor excludes the effect of controls from the assessment of the risk of material misstatement. This may be … not design and perform further audit procedures where the assessment of the risk of material misstatement is below the …

… date, the auditor shall evaluate whether the related assessment of risk and the planned nature, timing, or extent …

… an acceptably low level.  For example, where the auditor’s assessment of risk is supported by audit evidence from tests …

… significantly from the information on which the risk assessment was based.  For example:  The extent of … procedures may alter the auditor’s judgement about the risk assessments and may indicate a significant deficiency in … contains further guidance on revising the auditor’s risk assessment. [10] …

The extent of an audit procedure judged necessary is determined after considering the materiality, the assessed risk, and the degree of assurance the auditor plans to obtain.  When a single purpose is met by a combination of procedures, the extent of each …

The objective of the auditor is to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement, through designing and implementing appropriate responses to those …