“Audit Risk and Fraud” Please respond to the following:
Create a scenario in which a company conceals financial fraud from
the auditing firm through the use of information technology, and suggest
at least one (1) way in which an auditing firm can minimize its
exposure to this risk.According to the text, planning an audit involves establishing the
overall audit strategy for the engagement and developing an audit plan
in an attempt to reduce audit risk to an acceptable level. Select a
balance sheet account or income statement account, and discuss the type
of audit procedure that would produce the most reliable evidence for
that account balance. Defend your position.
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