How will the results of the auditor's assessment of fraud risk factors further affect the planned audit procedures?
A)Audit procedures and fraud assessment do not relate.
B)The assessment may require a re-audit of previous periods.
C)By the assignment of qualified audit staff to risky areas of the engagement.
D)Management will be called upon to assist in coordinating audit procedures.

Question

Quizplus · Accepted Answer

The auditor's assessment of fraud risk factors will affect the planned audit procedures by assigning qualified audit staff to risky areas of the engagement. This will ensure that the procedures are tailored to areas of the engagement that are considered risky for fraud. This will enhance the effectiveness and efficiency of the audit process.

How Will the Results of the Auditor's Assessment of Fraud