AU-C 315, Understanding the Entity and Its Environment, and Assessing

Multiple Choice

AU-C 315, Understanding the Entity and Its Environment, and Assessing the Risks of Material Misstatement, defines risk assessment procedures as _______.

A) audit procedures performed to obtain an understanding of the auditor and its environment, including the entity's internal control, to identify and assess the risk of material misstatement at the financial statement level and relevant assertion levels, whether due to error or fraud
B) audit procedures performed to obtain an understanding of the entity and its environment, including the entity's internal control, to identify and assess the risk of material misstatement, at the financial statement level and relevant assertion levels - whether due to error or fraud
C) any procedure that involves international currency transactions
D) any procedure that was performed by the prior auditor, which is repeated by the current auditor