There are many important reasons to diligently plan for an audit.If an audit firm wrongly skips the planning stage of an audit,what will be effect relative to fraud detection?

Question

Quizplus · Accepted Answer

Planning is crucial for identifying the specific risks of material misstatement, including fraud. Skipping the planning stage may result in the audit team failing to adequately identify the types of fraud that may occur in the client company, thus reducing the effectiveness of fraud detection procedures during the audit. Choices A, C, and D are incorrect because they do not directly relate to the effect of skipping the planning stage relative to fraud detection.

There Are Many Important Reasons to Diligently Plan for an Audit.If