Which of the Following Statements Is True Concerning the Fraud

question 62

Multiple Choice

Which of the following statements is true concerning the fraud risk model?

• A)Assessing incentive is the first phase of the model.
• B)The fraud risk model should be reviewed with the audit team.
• C)The fraud risk model should be modified based on a review of internal controls.
• D)Auditors do not use a fraud risk model.

---

Definitions:

Statutes

Are laws established by a legislative body; they serve as written rules and regulations that govern a society.

Model Laws

Are standardized laws proposed on a variety of issues by experts, meant to assist legislatures in adopting statutes that are consistent across states or jurisdictions.

Uniform Laws

Statutes that are intended to be the same across all states or jurisdictions to ensure consistency and fairness in the law.

Public Law

Law that involves suits between private individuals or groups and their governments.