statements are "presented fairly" or not. Why auditor can no longer promise "accuracy" in the audited financial statements? 23. Please list three fraud risk factors (also called "fraud triangle"). 24. Audit trail follows two directions: tracing and vouching, Please tell the professor what assertion(s) are covered by tracing and what assertion(s) are covered by vouching 25. Internal control has one fundamental principle: Segregation of duties. Please briefly describe how a credit sale transaction could be separated into 4 different stages and assigned to 4 different departments (or groups of employees). 26. Please list five components of internal controls. 27. Under "risk assessment", students are required to know "factors Indicative of Increased Financial Reporting Risk". 28. What are "general controls" and what are "application controls"? 29. Whare limitations of internal control