SAS No. 99 (now PCAOB AS 2401) states that the auditor has the responsibility to plan and perform the audit to obtain reasonable assurance about whether financial statements are free of material misstatement, whether caused by error or fraud.SAS No. 99 also requires all of the following except: A.Obtaining the information needed to identify risks of material misstatement due to fraud. B.Preparation of a fraud prevention plan. C.Description and characteristics of fraud. D.Importance of exercising professional skepticism.

Answered: SAS No. 99 (now PCAOB AS 2401) states…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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SAS No. 99 (now PCAOB AS 2401) states that the auditor has the responsibility to plan and perform the audit to obtain reasonable assurance about whether financial statements are free of material misstatement, whether caused by error or fraud.SAS No. 99 also requires all of the following except:

	A.	Obtaining the information needed to identify risks of material misstatement due to fraud.
	B.	Preparation of a fraud prevention plan.
	C.	Description and characteristics of fraud.
	D.	Importance of exercising professional skepticism.

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Professional skepticism is the attitude of critically identifying and assessing the audit evidence

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