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A fraud risk assessment consists of three key steps. The steps are Brainstorming and fraud risk identification, assessment of fraud risk likelihood and impact, developing

  1. A fraud risk assessment consists of three key steps. The steps are

    Brainstorming and fraud risk identification, assessment of fraud risk likelihood and impact, developing a fraud risk response.

    Managements discussion and analysis of fraud risk, external audits assessment of fraud risk for internal controls over financial reporting, and internal audits development of fraud prevention controls.

    Board of directors development of risk governance, external audits brainstorming session focusing on internal controls over financial reporting, and managements identification of fraud.

    A whistleblower hotline, bank reconciliations, and physical inventory counts.

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