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ACRA issued the Audit Practice Bulletin (APB) on Identifying, Assessing and Responding to Risks of Material Misstatement in the Financial Statements on 15 June 2016.
This APB seeks to provide guidance on performing the required risk assessment to identify the significant risks in an audit engagement before carrying out the necessary audit procedures to address such risk, as well as to emphasise the importance for public accountants to exercise a certain level of rigour and professional scepticism in the risk assessment process with illustrative examples.
Please click here for the Audit Practice Bulletin.