Which of the Following Is Not Required by AU 240,"Consideration

question 64

Multiple Choice

Which of the following is not required by AU 240,"Consideration of Fraud in a Financial Statement Audit"?

• A)Conduct a continuing assessment of the risks of material misstatement due to fraud throughout the audit.
• B)Conduct a discussion by the audit team of the risks of material misstatement due to fraud.
• C)Conduct the audit with professional skepticism,which includes an attitude that assumes balances are incorrect until verified by the auditor.
• D)Conduct inquiries of shareholders as to their views about the risks of fraud and their knowledge of any fraud or suspected fraud.

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Definitions:

Self-recognition

The ability of an individual to identify themselves as a separate entity from their environment and others, often tested through mirror recognition tasks.

Self-Perception Profile

A psychological assessment tool designed to measure an individual's perception or appraisal of their own abilities and attributes.

Perspective Taking

The cognitive capacity to consider a situation from the point of view of another person, fostering empathy and understanding in social interactions.

Possible Selves

The aspects of oneself that an individual imagines they could become, might become, or are afraid of becoming in the future.