True or False: The fraud risk assessment process is part of the process for assessing risk of material misstatement.

a True

b False

2.

True or False: Only two out of the three conditions of the fraud triangle need to exist for fraud risk to be increased.

a True

b False

3.

True or False: Auditing standards require auditors to provide reasonable assurance that the financial statements are free of material misstatement whether due to error or fraud.

a True

b False