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The auditor should perform risk assessment procedures to provide a basis for the identification and assessment of material misstatement at the financial statement and relevant assertion level. (AU-C 315.05) Risk assessment procedures include:

 Inquiries of management, individuals in the internal audit function, and others at the client

 Analytical procedures

 Observation and inspection

(AU-C 315.06)

The auditor’s risk assessment procedures provide the audit evidence necessary to support the auditor’s risk assessments, which in turn support the determination of the nature, timing, and extent of further audit procedures. Thus, the results of the auditor’s risk assessment procedures are an integral part of the audit evidence obtained to support the opinion on the financial statements.

In the course of gathering information about the client, the auditor should perform all the risk assessment procedures.

Other procedures may provide relevant information about the entity. For example:

 When relevant to the audit, the auditor should consider other information, which may include:Information obtained from the client acceptance or continuance process (AU-C 315.07)Experience and knowledge gained on other engagements performed for the entity (AU-C 315.08)

 Some of the procedures the auditor performs to assess the risks of material misstatement due to fraud also may help gather information about the entity and its environment, particularly its internal control. (AU-C 315.09)

NOTE: Because of the close connection between the assessment of the risk of material misstatement and the procedures performed to assess fraud risk, the auditor will want to:

 Coordinate the procedures he or she performs to assess the risk of material misstatement due to fraud with the other risk assessment procedures.

 Consider the results of his or her assessment of fraud risk when identifying the risk of material misstatement.