Probe | How is Risk of Material Misstatement calculated?

  Answer:

1. Risk assessment at assertion level for inherent risk – 11.60
2. Risk assessment at assertion level for fraud risk – 11.60
3. Specific materiality for the line item – 11.60
4. Risk assessment at financial statement level for inherent risk – 11.20
5. Risk assessment at financial statement level for fraud risk – 11.25
6. Risk assessment at financial statement level for control risk – 11.30

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