The Audit Team Is Required by Auditing Standards to Make

question 104

True/False

The audit team is required by auditing standards to make an ordinary presumption of the risk of fraud due to revenue misstatements on every engagement.

---

Definitions:

Cultural Patterns

The shared beliefs, norms, behaviors, and values that are consistent among members of a society or organization.

Dominant

Refers to having authority or a commanding position over others in a social or organizational hierarchy.

Cultural Lag

The phenomenon where changes in societal norms, values, and technology outpace adjustments in the cultural and legal frameworks, leading to a period of adjustment and conflict.

Common Assumptions

widely held beliefs or premises that are often accepted without evidence or questioning.