SAS No99 - Consideration of Fraud in a Financial Statement Audit

question 34

True/False

SAS No.99 - Consideration of Fraud in a Financial Statement Audit guides auditors in being more proactive in detecting fraud than did the predecessor standard, SAS No.82.

---

Definitions:

Sunk Cost Effect

A bias in decision making in which already “spent” costs unduly influence decisions on whether to continue.

Math Quiz

A test or examination designed to assess an individual's mathematical knowledge and skills.

Cognitive Illusions

The systematic biases and errors in human decision making.

Decision-Making System

The cognitive process resulting in the selection of a belief or course of action among several alternative possibilities.