Fraud Risk Flashcards
1
Q
Fraud Risk
A
D - Discuss fraud risk with engagement personnel
O-Obtain information to identify specific fraud risks
R-asses fraud Risk and develop an appropriate response
E-Evaluate audit evidence regarding fraud.
2
Q
Fraudulent Financial Reporting
A
-intentional misstatements or omissions
3
Q
Misappropriation of Assets
A
-theft of an entity’s assets
4
Q
Management overrides controls
A
Fraud Environment
- Pressure
- Opportunity
- Rationalization
