Which of the following statements about risk assessment is NOT true?

Risk assessment procedures are the basis of identification and assessment of RMMs at the financial statement and assertion level.

Risk assessment is an iterative process to identify and assess risks of material misstatement in order to plan an appropriate audit response.

You only identify and assess risks during the Planning and risk assessment phase of the audit.

Risk assessment procedures are performed with a specific purpose in mind: to collect information to identify and assess risks of material misstatement.