 What is audit risk?  Identification of risk?  ROMM at the financial statement level  ROMM at the assertion level and the new concept of relevant assertions  Assessment of inherent risk (Including the new inherent risk factors)  Control risk (New requirements as per ISA 315)  Indirect controls  Direct controls  Assessment of fraud risk  The spectrum of inherent risk  Significant risks  Significant classes of transactions, account balances and transactions  The risk assessment procedures that must be performed during the audit  Responses to address the assessed risk of Material Misstatement