Biology Forums - Study Force

When considering the risk of misstatement due to fraud,

▸ the risk of not detecting a material misstatement due to fraud is lower than the risk of not detecting a misstatement due to error.

▸ the risk is only made at the financial statement level.

▸ auditing standards require the auditor to presume that risk of fraud exists in expense transactions.

▸ auditing standards outline procedures the auditor should perform to obtain information from management about their consideration of fraud.

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