Brainstorming for Fraud You Are a Staff Auditor with Zepplin and Frank, Public

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The Answer is All members of the audit team must be assembled to consider the possibility of fraud at Leppard Sullivan. Management motivations will be discussed as well as weaknesses in internal control and preliminary analytics. The auditors may discuss how they will conduct the audit with professional scepticism and a questioning mind. According to ASA 240, the following should be considered in the brainstorming session:
-Consider how fraud can be perpetrated and covered up.
-Presume fraud in revenue recognition.
-Consider incentives, opportunities and rationalisation for fraud.
-Consider industry conditions.
-Consider operating characteristics and financial stability.
The audit team must not just go through the motions of conducting this brainstorming. It must be a thorough and integral part of the audit approach.

Brainstorming for Fraud You Are a Staff Auditor with Zepplin and Frank, Public

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Brainstorming for Fraud You Are a Staff Auditor with Zepplin and Frank, Public

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