Which of the following procedures would an auditor most likely include in the planning phase of a financial statement audit?

A. Obtain an understanding of the entity's risk assessment process.
B. Identify specific internal control activities designed to prevent fraud.
C. Evaluate the reasonableness of the entity's accounting estimates.
D. Perform cutoff tests of the entity's sales and purchases.

In the process of developing the audit plan, risk assessment is one of the most important parts, since it will determine the relevance of the accounts in the review procedure performed. However, it is essential to emphasize that in order to achieve this determination, aspects such as qualitative risk factors, as well as quantitative ones, must be taken into consideration. In addition, the process has three essential steps that will help you achieve the evaluation of processes in an effective way: a) identify or classify an account as significant within the financial statements; b) identification of risks that may affect the processes; c) understanding of the entity.