One of the Main Requirements Under GAAS Relating to Fraud

question 62

True/False

One of the main requirements under GAAS relating to fraud in a financial statement audit is that auditors obtain evidence about the intent of the persons responsible for the fraud.

---

Definitions:

Late Deliveries

Instances where goods or services are provided after the expected or agreed upon delivery time, potentially causing inconvenience or breach of contract.

Cancel Contract

The act of legally terminating a contract, releasing both parties from their obligations under the contract.

Doctrine

A principle or body of principles held by a legal, political, or philosophical system, often serving as a guideline for decision-making.

Commercial Impracticability

A legal principle under the Uniform Commercial Code (UCC) that excuses a party from performing a contract when an unforeseen event makes performance extremely difficult or expensive.