Principles of auditing Ch 7 The audit process and detecting fraud

F. Match the term with the correct definition. States the role of the auditor Unintentional misstatements or omissions in financial statements E. Includes the audit time budget A meeting in which all members of an engagement team exchange ideas about the possibility of fraud at a client Arises from fraudulent financial reporting and misappropriation of assets Obtain management representation letter Required to be in writing Should have a written charter Affect the risk of fraud Begins with reviews of the prior-year audit work and current-year first quarter financial information. A. First quarter planning B. Incentives/pressures C. Audit committee D. Brainstorming E. Preliminary audit planning memorandum F. Errors G. Engagement letter H. Management representation letter 1. Year-end audit activity J. Fraud