32. Which of the following statements best describes the competency requirement for an auditor regarding fraud risks encountered in an engagement execution? Group of answer choices The auditor must be able to have an appreciation of the fundamentals of fraud detection and investigation techniques. The auditor is not expected to have any competency requirement regarding fraud since the role of investigating and detecting fraud belongs to other functions in the organization. None of the choices The auditor must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization. The auditor should be able to have comparable competencies of a person whose primary responsibility is detecting and investigating fraud.
32. Which of the following statements best describes the competency requirement for an auditor regarding fraud risks encountered in an engagement execution? Group of answer choices The auditor must be able to have an appreciation of the fundamentals of fraud detection and investigation techniques. The auditor is not expected to have any competency requirement regarding fraud since the role of investigating and detecting fraud belongs to other functions in the organization. None of the choices The auditor must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization. The auditor should be able to have comparable competencies of a person whose primary responsibility is detecting and investigating fraud.
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter2: The Auditor’s Responsibilities Regarding Fraud And Mechanisms To Address Fraud: Regulation And Corporate Governance
Section: Chapter Questions
Problem 16CYBK
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Question
32.
Which of the following statements best describes the competency requirement for an auditor regarding fraud risks encountered in an engagement execution?
Group of answer choices
The auditor must be able to have an appreciation of the fundamentals of fraud detection and investigation techniques.
The auditor is not expected to have any competency requirement regarding fraud since the role of investigating and detecting fraud belongs to other functions in the organization.
None of the choices
The auditor must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization.
The auditor should be able to have comparable competencies of a person whose primary responsibility is detecting and investigating fraud.
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