Ch 2 · Risk Assessment & Internal Control (Advanced)

📘 Core concepts

1. 1SA 315 (Revised 2019): identify RoMM at FS & assertion level.
2. 2Significant risks need special audit consideration — often non-routine or judgmental.
3. 3ITGCs and Application Controls — distinguish and test appropriately.
4. 4Sec 143(3)(i) — IFC over Financial Reporting (IFCoFR) audit using ICAI's Guidance Note.
5. 5Internal audit reliance — SA 610 — assess objectivity, competence, systematic approach.