Final answer:
When assessed risks of material misstatement are high, the overall responses can include increasing the extent of substantive procedures, involving additional personnel, and implementing additional internal controls.
Step-by-step explanation:
When assessed risks of material misstatement are high, there are several possible overall responses. One common response is to increase the extent of substantive procedures, which involves performing more detailed testing of account balances and transaction data.
Another response is to involve additional personnel with specialized knowledge or expertise in the area of concern, such as forensic accountants or industry experts. Additionally, management may decide to implement additional internal controls or strengthen existing controls to mitigate the risks of material misstatement.