Which of the Following Is a Difference Between Performing an Audit

question 47

Multiple Choice

Which of the following is a difference between performing an audit and performing a fraud examination?

• A)Auditors are not concerned with the nature of a financial misstatement; fraud examiners are concerned with the nature of the misstatement.
• B)Auditors use analytical procedures,such as trend analysis,to identify risks of misstatements; fraud examiners are not interested in analytical procedures because they must identify specific items that prove the occurrence of fraud.
• C)Auditors are generally not concerned with small immaterial misstatements; fraud examiners generally do not believe that any fraud is immaterial.
• D)Auditors are concerned only with financial statement errors; fraud examiners are concerned only with the theft of assets by employees.

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