During the course of the audit,the auditor should continually gather and update information on business risk,including the identification of any fraud risk factors noted during preliminary audit planning.

Question

Quizplus · Accepted Answer

It is essential for the auditor to continually gather and update information on business risk and identify any fraud risk factors that may arise during the preliminary audit planning. This helps the auditor assess the likelihood of material misstatement due to fraud and design appropriate audit procedures to address the identified risks. As such, the statement is true.

During the Course of the Audit,the Auditor Should Continually Gather