How Must an Auditor Address Fraud in the Planning Stage

question 20

Multiple Choice

How must an auditor address fraud in the planning stage?

• A)The auditor must test for fraud in the planning stage by sampling accounts.
• B)The auditor must consider the likelihood of fraud existing in the company in the planning stage.
• C)The auditor must realize that most people are honest and not automatically assume that fraud exists when planning the audit.
• D)The auditor must not be aggressive in its initial approach to fraud,as trust may be lost by the client.

Know the steps to customize Excel interface to add Power Pivot to the ribbon.

Understand how to use Power Pivot for data analysis.

Know the functions and their usage for financial calculations in Excel.

Understand Excel's capabilities for identifying and resolving formula errors and tracing cell dependencies.

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Definitions:

Locking Mechanism

A device or system designed to prevent movement or separation by securing components in place, commonly used in various types of machinery and equipment.

Drawbar Eye

The coupling eye that engages to either a pintle hook or the shank below a heavy-duty ball hitch assembly.

A-train Combination

A specific truck and trailer arrangement where a standard tractor pulls a semi-trailer which is connected to a "pup" trailer by a converter dolly, used to increase cargo capacity.

Pintle Hook

A hinged hook used for towing that allows the connection between a trailer and a towing vehicle, known for its durability and use in heavy-duty applications.