Principles of auditing Chapter 7 The audit process and detecting fraud.

Know the terms that correspond to the following definitions: 1) States the role of the auditor 2) Unintentional misstatements or omissions in financial statements 3) Includes the audit time budget 4) A meeting in which all members of an engagement team exchange ideas about the possibility of fraud at a client 5) Arises from fraudulent financial reporting and misappropriation of assets 6) Obtain management representation letter 7) Required to be in writing 8) Should have a written charter 9) Affects the risk of fraud 10) Begins with reviews of the prior-year work and current year first quarter financial information