Question: Please review and identify the applicable auditing standards and any other resources to address the item below. Your client is a small privately owned business.

Please review and identify the applicable auditing standards and any other resources to address the item below.

Your client is a small privately owned business. After making inquiries of management during audit planning, you determine that the risk of material misstatement in the financial statements due to potential fraud is high. How will your audit procedures change as a result of this assessment?

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