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Most large audit practices use a business risk audit methodology. Which of the following statements is not really associated with this 'top down approach to auditing'? A. The general business risk associated with a company is identified to help identify and evaluate audit risks. B. Management controls such as reviews, monitoring and budgeting will be reviewed and tested to gain comfort and this will lead to the testing of general controls. C. The audit work will start by reviewing the statement of profit or loss and other comprehensive income and work down starting with sales, direct cost and expenses; this will also be performed on the statement of financial position. D. When undertaking the audit of a group the partner or senior manager will start by performing a group level analytical review and discussing the results with the company senior directors. E. The audit partner leads the audit team from the initial planning to the completion of the audit. |