When assessing fraud risk,
a. fraud risk is assessed only at the overall financial statement level.
b. the auditor's assessment of fraud risk should be ongoing throughout the audit.
c. if the auditor concludes that there is a risk of material misstatement due to fraud, auditing standards require that the risks be treated as pervasive.
d. auditing standards require that the auditor presume there is a risk of fraud in the inventory account.

The correct answer is B. the auditor's assessment of fraud risk should be ongoing throughout the audit.

Explanation:

As a consequence of the constant corporate scandals linked to corruption as well as the emergence of new regulations worldwide, many executives recognize that the risk of fraud and irregular behaviors inevitably integrates their agendas, and they are fully aware of the need to create specific measures aimed at its timely and effective management. At KPMG we assist you in your continuous effort to prevent, detect and respond to these risks, through the design, implementation and evaluation of anti-fraud programs and controls.

Effective fraud risk management gives organizations the tools to manage risk in accordance with regulatory requirements, as well as with the needs of the business, the organization and market expectations.

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