If the Audit Team Discovers That Fraud Risk Factors Are

question 33

Multiple Choice

If the audit team discovers that fraud risk factors are present on an engagement,it should then:

• A)resign from the client and inform the audit committee and regulatory authorities.
• B)modify procedures to actively search for the existence of fraud.
• C)reduce the amount of evidence required and resort to management inquiry.
• D)turn the audit over to forensic accountants.

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Definitions:

Mental Health

A state of well-being in which an individual realizes their own abilities, can cope with the normal stresses of life, work productively, and is able to make a contribution to their community.

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Mediation Services

Professional services offered to resolve disputes between parties through the intervention of a neutral third-party mediator.

Campus Overcrowded

A situation where the number of students or individuals on a university or college campus exceeds the available space and resources.