Acc 550 shwltr exam - Study guides, Class notes & Summaries

what is the most costly type of fraud - ANSWER financial reporting fraud Can fraud be eliminated? - ANSWER no how does one distinguish between error and fraud? - ANSWER Intent who is responsible for preventing and detecting fraud - ANSWER management and those charged with governance

planning the audit, how does materiality play a role? - ANSWER materiality is a matter of professional judgement, determine materiality for financial statements as a whole, provides basis for: nature and extent of risk assessment procedures, ID risks of material misstatement, determine procedures how to determine materiality - ANSWER start with a firm provided benchmark, adjust for qualitative concerns