Obtain a copy of the PCAOBs report titled Observations on Auditors Implementation of PCAOB Standards Relating to Auditors Responsibilities with Respect to Fraud. You can use any search engine or go to www.pcaobus.org/Inspections/Documents/ 2007_01-22_Release_2007-001.pdf. In the report, the PCAOB summarizes findings from inspections of audit engagements as they relate to the performance of fraud detection audit procedures. The PCAOB report comments on auditor deficiencies in each of the following six areas:

a. Auditors overall approach to the detection of fraud

b. Brainstorming sessions

c. Auditors responses to fraud risk factors

d. Financial statement misstatements

e. Risk of management override of controls

f. Other areas to improve fraud detection

Summarize the PCAOBs concerns with respect to problems its inspection teams have noted in auditors performance in each of the areas listed