Q7 Ch 3 PM Pg 3.11 : SA 315, 330 part is not clear

Questions › Category: SA-315 › Q7 Ch 3 PM Pg 3.11 : SA 315, 330 part is not clear

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Shubham asked 7 years ago

SA 315, 330 part is not clear

Question Tags: Inherent Risk, SA 200, SA 330

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audit Staff answered 6 years ago

Answer has 3 things —
Definition of Inherent Risk
–SA 330 How we give response to risk by designing appropriate procedures (above explanation by you can also be incorporated)
— SA 315 — They are explaining identifying and assessing risk at financial statement level vs assertion level (See notes on SA 315, we have incorporated this part with examples and hindi transalation in proper sequence.