32. Which of the following statements best describes the competency requirement for an auditor regarding fraud risks encountered in an engagement execution? Group of answer choices The auditor must be able to have an appreciation of the fundamentals of fraud detection and investigation techniques. The auditor is not expected to have any competency requirement regarding fraud since the role of investigating and detecting fraud belongs to other functions in the organization. None of the choices The auditor must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization. The auditor should be able to have comparable competencies of a person whose primary responsibility is detecting and investigating fraud.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

32.

Which of the following statements best describes the competency requirement for an auditor regarding fraud risks encountered in an engagement execution?

Group of answer choices
The auditor must be able to have an appreciation of the fundamentals of fraud detection and investigation techniques.
The auditor is not expected to have any competency requirement regarding fraud since the role of investigating and detecting fraud belongs to other functions in the organization.
None of the choices
The auditor must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization.
The auditor should be able to have comparable competencies of a person whose primary responsibility is detecting and investigating fraud.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education