Explanation Brainstorming Session: The brainstorming sessions are the ones in which critical audit areas are discussed. The brainstorming sessions are included in the risk assessment process. Audit team members get updated on the critical and important aspects of the audit through these brainstorming sessions. c. The primary objective of the fraud brainstorming session is to access the potential for material misstatement due to fraud. Hence, the fraud brainstorming session focus on fraud risk assessment in the financial statements. Therefore, option c is the correct answer. a. The determination of audit risk and materiality is done by the auditors in the early stages of auditing...

Auditing & Assurance Services (Auditing and Assurance Services)

7th Edition

ISBN: 9781259573286

Author: Timothy J Louwers, Allen Blay, David Sinason Associate Professor, Jerry R Strawser, Jay C. Thibodeau Associate Professor

Publisher: McGraw-Hill Education

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Concept explainers

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.

Question

Chapter 4, Problem 48MCQ

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Identify the main objective of the fraud brainstorming session.

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Chapter 4, Problem 47MCQ

Chapter 4, Problem 49EP

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Chapter 4 Solutions

Auditing & Assurance Services (Auditing and Assurance Services)

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