Question: Why is assessing the risk of fraud important for the
Why is assessing the risk of fraud important for the planning stage? What do the audit standards require regarding fraud risk during planning?
Answer to relevant QuestionsWhat is the Fraud Triangle? What are its components? Why is it an effective way for the auditor to approach fraud?Why might specialists be needed on an audit engagement? What areas of knowledge and skills might be provided by specialists?What does the auditor consider in evaluating the work of others? What tests might the auditor perform?Compare and contrast the internal control provisions required under the Foreign Corrupt Practices Act (1977) and the Sarbanes Oxley Act (2002)Separate and assign the following activities to employee A, B and C to accomplish the best control. Explain why.a. Assemble supporting documents for cash disbursementsb. Maintain custody of the signature plates used for the ...
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