Auditing standards do not require auditors of financial statements toa. Understand the nature of errors and frauds.b. Assess the risk of occurrence of errors and frauds.c. Design audits to provide reasonable assurance of detecting errors and frauds.d. Report all errors and frauds found to police authorities.

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A:

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Q: Which of the following is least likely to be required on an audit?    Evaluate the business…

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Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.