What is the Risk of Material Misstatements? What would you do when you identify any material misstatement?

Risk of material misstatement: It may be defined as the risk that the financial statements are materially misstated prior to audit. This consists of two components described as follows at the assertion level: Inherent risk—The susceptibility of an assertion to a misstatement that could be material before consideration of any related controls Control risk—The risk…...