Examples of Possible Audit Procedures toExamples of Possible Audit Procedures to Address the Assessed Risks of Material Misstatement Due to Fraud

Examples of Possible Audit Procedures to Address the Assessed Risks of Material Misstatement Due to Fraud

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Consideration at the Assertion Level

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The following are specific examples of responses:

 Visiting locations or performing certain tests on a surprise or unannounced basis. For example, observing inventory at locations where auditor attendance has not been previously announced or counting cash at a particular date on a surprise basis.

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 If the work of an expert becomes particularly significant with respect to a financial statement item for which the assessed risk of material misstatement due to fraud is high, performing additional procedures relating to some or all of the expert’s assumptions, methods or findings to determine that the findings are not unreasonable, or engaging another expert for that purpose.

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