It is true that auditors are requested to assess the fraud risks and consider it as their ethical and professional responsibilities. In case of N, the significant characteristics that could identified as high risk audit were non separation of duties of accountants as checker and maker, there was weak internal control found in N working, also ineffective monitoring of management. The fraud triangle is a framework designed to explain the reasoning behind a worker’s decision to commit fraud.

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Fraud is an act of deceit that causes financial harm to a business or to the stakeholders in the bus... View the full answer