which of the following procedure would auditor lease likely
perform in planning a financial statement audit?
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Answer Posted / Abhinay Shekhar
Auditors are likely to perform the following procedures during the planning phase of a financial statement audit:
1. Understanding the entity's business, industry, and regulatory environment.
2. Identifying risks of material misstatement due to fraud or error.
3. Evaluating internal controls to assess their effectiveness in preventing and detecting errors or fraud.
4. Determining the nature, timing, and extent of audit procedures based on the identified risks.
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