susceptibility of fraud r
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
38
Members of the audit engagement team are required to discuss the susceptibility of the entity’s financial statements to material misstatement due to fraud. The susceptibility of fraud refers to ___________
a.
Fraud which is already occurred in financial statements
b.
Likelihood of fraud in financial statements
c.
Non-deliberate misstatement of financial statements
d.
None of the options
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