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When considering the risk of misstatement due to fraud,

malhi101

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When considering the risk of misstatement due to fraud,

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.

Textbook

Auditing and Assurance Services

Edition: 17^th

Authors: Arens, Elder, Beasley, Hogan

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More solutions for this book are available here

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malhi101 Author

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Thank you, thank you, thank you!

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Thanks

kamikazekota

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Smart ... Thanks!

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