What changes to the year-end audit program

Assignment Help Accounting Basics

Reference no: EM133416939

Question: Assume that periodic audits rather than reviews continued for the duration of Nancy's term as ED and that you were on the audit team and participating in the team meeting discussion considering fraud risk.

Identify several (8-10) internal control weaknesses that are ''red flags'' related to perceived opportunity that would have indicated the potential for fraud in the case.

What changes to the year-end audit program would the audit team make as a response to the ''red flags'' that they

identified during the assessment of fraud risks and the evaluation of internal controls?

Why might a financial statement review not have picked up on any of these ''red flags''?

Reference no: EM133416939

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