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 …

This Auditing Standard deals with the auditor’s responsibility to design and implement responses to the risks of material misstatement identified and assessed by the auditor in accordance with ASA 315 [1]  in an audit of a financial …

The auditor shall design and implement overall responses to address the assessed risks of material misstatement at the financial report level. …

The auditor shall design and perform further audit procedures whose nature, timing, and extent are based on and are responsive to the assessed risks of material misstatement at the assertion level. …

… Consider the reasons for the assessment given to the risk of material misstatement at the assertion level for each … account balance, or disclosure (that is, the inherent risk); and  Whether the risk assessment takes account of relevant controls (that is, …

The auditor shall design and perform tests of controls to obtain sufficient appropriate audit evidence as to the operating effectiveness of relevant controls if:  The auditor’s assessment of risks of material misstatement at the assertion level includes …

… the entity’s monitoring of controls, and the entity’s risk assessment process;  The risks arising from the … the lack of a change in a particular control poses a risk due to changing circumstances; and  The risks of …

… If the auditor plans to rely on controls over a risk the auditor has determined to be a significant risk, the auditor shall test those controls in the current …

If deviations from controls upon which the auditor intends to rely are detected, the auditor shall make specific enquiries to understand these matters and their potential consequences, and shall determine whether: (Ref: Para. A41) The tests of controls …

Irrespective of the assessed risks of material misstatement, the auditor shall design and perform substantive procedures for each material class of transactions, account balance, and disclosure. …