25.28 The steps in planning an integrated audit are very similar to those performed in planning a financial statement audit. The essential element is the risk assessment process (identifying where the risk of material misstatement is more than remote – reasonably possible risks). These are the areas where the audit team will focus effort in both the financial statement and internal control audits. Other areas that are material to the financial statements, but for which the risk of material misstatement is not reasonably possible, are included in the scope of both audits, but do not warrant the attention or the audit effort required of reasonably possible risks.