SAS No 99 Emphasizes Auditors Should Brainstorm Fraud Risks, Increase Professional

question 64

True/False

SAS No. 99 emphasizes auditors should brainstorm fraud risks, increase professional skepticism, use unpredictable audit test patterns, and detect management override of internal controls.

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Definitions:

Representationally Faithful

An attribute of financial information that suggests the data accurately reflects the economic transactions and events it purports to represent.

Faithful Representation

A qualitative characteristic of financial information that ensures all figures are complete, neutral, and free from material error.

Neutral

A term often used in analysis or discussions to indicate a position or opinion that is unbiased or not leaning towards any particular side or outcome.

Error

A mistake in the collection, recording, or analysis of data, often leading to incorrect results or conclusions.