The risk of fraud should be assessed for the entire audit as well as by cycle, account, and objective.

Question

Quizplus · Accepted Answer

Assessing the risk of fraud is an essential part of the audit process. The assessment should be carried out for the entire audit and also for each cycle, account, and objective. This helps the auditor to identify areas with a higher risk of fraud and take appropriate measures to reduce or prevent it.

The Risk of Fraud Should Be Assessed for the Entire