To identify and assess inherent risks of material misstatement associated with long lived assets, the auditor should identify risks of misstatement using information obtained from performing risk assessment procedures and consider the characteristics of accounts and disclosures in the financial statements.
Given that we have to identify and assess inherent risks of material misstatement associated with long-lived assets.
We are required to find how we can identify and assess the risks of material misstatement associated with long lived assets.
The mistatements can cause huge blunders in the financial statements of the company because the mistatements sometimes records less amounts of a transaction,greater amount of the transaction or sometimes forget the transaction to record the transaction.
Hence to identify and assess inherent risks of material misstatement associated with long lived assets, the auditor should identify risks of misstatement using information obtained from performing risk assessment procedures and consider the characteristics of accounts and disclosures in the financial statements.
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