Which of the following is required of the audit team relative to its consideration of fraud in a financial statement audit?
A)Documentation in the audit file.
B)Communication with the AICPA.
C)Modification of client financial records.
D)Termination of the manager responsible for the fraud.

Question

Quizplus · Accepted Answer

The audit team is required to document their consideration of fraud in the audit file as part of their audit evidence. Communication with the AICPA is not specifically required for consideration of fraud in a financial statement audit. Modification of client financial records is not an appropriate action for the audit team to take, and termination of a manager responsible for fraud is not within the scope of the audit team's responsibilities.

Which of the Following Is Required of the Audit Team