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Transcript of Audit
Rationalization Step3 Determine Responses Due to Fraud Overall response –response that has an overall effect on how our audit is conducted Specific response – response to identified risks of material misstatement due to fraud involving the nature, timing and extent of specific audit procedures to be performed Fraud Considerations What is Fraud? A fraud is an intentional deception made for personal gain or to damage another individual Fraud Example The cashier colluded with bank worker to make fake bank statement, because the cashier had embezzled money of the company to invest in stock market and made a big loss. Incentive: Earn money in stock market by using company's money Opportunity: Bank worker would like to help her Attitude: Know the falsity and intentionally conduct the crime