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QUESTIONS The following questions address fraud risk factors and the assessment of fraud risk. a. Which action regarding fraud is an activity related to performance of risk assessment procedures? (1) Document the results of procedures used to address the risk of fraud.(2) Discussions among the engagement team members regarding the risks of mate-rial misstatement due […]
AUDIT RESPONSIBILITIES AND OBJECTIVES Explain the objective of conducting an audit of financial statements and an audit of internal controls. Distinguish management’s responsibility for the financial statements from the auditor’s responsibility for verifying those statements. Explain the auditor’s responsibility for discovering material misstatements due to fraud or error. Describe the need to maintain professional skepticism […]
DISCUSSION QUESTIONS AND PROBLEMS Based on AICPA question paper, American Institute of Certified Public Accountants.Assessing the risk of fraud in a financial statement audit is a difficult audit judgment. Auditing standards require the auditor to perform several audit procedures to accumulate information to assess the risk of fraud. You are the in-charge auditor responsible for […]
REVIEW QUESTIONS 5-1 (OBJECTIVE 5-1) Lawsuits against CPA firms continue to increase. State your opinion ofthe positive and negative effects of the increased litigation on CPAs and on society. 5-2 (OBJECTIVE 5-2) Distinguish between audit risk and audit failure. Why is there at leastsome level of audit risk on every audit engagement? 5-3 (OBJECTIVE 5-3) […]
