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Unformatted text preview: The identified risks will be evaluated according to programs and controls of respective organization. Finally the auditor will submit findings of such results in connection with material misstatement due to fraud. Further the Auditors will respond on the results of risk assessment in the shape of general considerations, audit procedures and override of controls by management etc. Particularly, SAS 99 highlights that the professionals must maintain professional skepticism and they should never accept such evidence not meeting the standards which is provided by the respondents References: 1. http://www.aicpa.org/InterestAreas/ForensicAndValuation/Resources/FraudPreventionD etectionResponse/Pages/Summary of SAS No.aspx 2. http://www.itcomplianceandcontrols.com/2007/12/17/fraud-and-sas-99/...
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- Spring '11
- Financial audit, material misstatement