Information and idea exchange sessions are required by ISAs 240 and 315.

Question

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ISAs (International Standards on Auditing) 240 and 315 require auditors to engage in discussions among the engagement team regarding the susceptibility of the entity's financial statements to material misstatement due to fraud (ISA 240) and to understand the entity and its environment, including its internal control, to assess the risks of material misstatement (ISA 315), which inherently involves information and idea exchange sessions.

Information and Idea Exchange Sessions Are Required by ISAs 240