Auditing Accounting

Assessing the risk of fraud in a financial statement audit is a different audit judgement. Auditing standards require the auditors too perform several audit procedures to accumulate information to assess the risk of fraud. You are the in-charge auditors responsible for planning the financial statement audit of Spencer inc. Two new staff auditors are assisting you with the initial audit planning and have asked you the following questions. Briefly summarize your response to these staff auditor questions.

Briefly summarize your response to these staff auditors questions

a. What is the purpose of the audit team's brainstorming session?

b. Who should attend the brainstorming session and when should the session be held?

c. What is the role of the two auditors in the brainstorming session?

d. What is the auditor's responsibility under auditing standards for detecting fraud?