Once the Fraud Assessment Is Complete in the Planning Stage

question 22

True/False

Once the fraud assessment is complete in the planning stage, the auditor need not consider fraud further.

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Definitions:

Net Asset Value

The per-share value of a mutual fund or exchange-traded fund, calculated by dividing the total value of all securities in the portfolio by the number of shares outstanding.

Net Asset Value

Net Asset Value (NAV) is the per-share value of a mutual fund or ETF, calculated by dividing the total value of all the assets in the portfolio, minus liabilities, by the number of shares outstanding.

Liabilities

Liabilities are financial obligations or debts that a company or an individual owes, which are expected to be paid in the future.

Market Value

Market value is the current value at which an asset, company, or security can be bought or sold in the marketplace, determined by supply and demand dynamics.