Business, 05.05.2020 18:46 sisterskrrt
The audit manager has indicated that you will be expected to ensure that the less experienced members of the Jefferson audit team understand the new fraud guidelines. While preparing for a discussion regarding these new guidelines you consider the following statements. Please indicate whether each statement is true or false.1. An auditor should conduct the audit with professional skepticism which includes an attitude that assumes balances are incorrect until verified by the auditor by gathering evidence. A. True B. False2. The fact that a company needs to obtain additional debt or equity financing to stay competitive may be a fraud risk factor. A. True B. False3. Professional skepticism should be exercised throughout the audit process. A. True B. False 4. The three components of the fraud triangle are incentive, opportunity and fraud risk factors. A. True B. False5. If fraud is detected and misstatement does exist, an auditor assesses if it is material. If it is not material, the auditor tells management and has no other responsibility. A. True B. False6. If a material problem is resolved, it is not necessary for the auditor to inform the audit committee. A. True B. False7. When performing a financial statement audit, auditors are required to explicitly assess the risk of material misstatement due to fraud. A. True B. False
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The audit manager has indicated that you will be expected to ensure that the less experienced member...
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