Multiple Choice
SAS No. 99 lists several steps in considering the risk of fraud in a financial statement audit. All of the following are correctly stated except:
A) Auditors must brainstorm with the key personnel of both the internal and independent audit teams to plan a strategy to detect fraud.
B) Auditors must evaluate the audit evidence throughout the audit and respond to any identified misstatements.
C) Auditors must determine the types of fraud risks that exist.
D) Auditors are required to report all fraud to an appropriate level of management.
Correct Answer:
Verified
Correct Answer:
Verified
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