Response to RMM at Financial Statement Level
If there is risk at financial statement level we take a bigger team / more seniors / more skepticism / more supervision / more surprise elements etc so response is in broader sense.
Response to RMM at assertion level.
After assessing RMM at Assertion Level we perform further audit procedures such as test of controls and substantive procedures at assertion level.
Now 2 things are possible
1st we found controls working and no misstatement as thought while determining RMM, then we dont have to change our initial assessment.
2nd we found controls weak in test of controls and misstatements while doing substantive procedures , so now we realise that our initial assessment was not upto the mark and i need to change initial assessment of RMM at assertion level.
From above we see that response to RMM at financial statement level is overall , broad just to be more alert and prepared there is no specific audit procedure for it. So there is no specific outcome positive or negative so no revision.
On the other hand for RMM at assertion level we have specific audit procedure. And specific outcome of positive or negative, which may lead to revision in risk at assertion level.