Asset Misappropriation

AA – Dec 2022 – L2 – Q1b – Audit and Assurance Risk Environment

Defines fraud under ISA 240 and provides examples of two types of fraud: fraudulent financial reporting and misappropriation of assets

Question

According to ISA 240: The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements, the term “Fraud” refers to an intentional act by one or more individuals among management, those charged with governance, employees, or third parties involving the use of deception to obtain an unjust or illegal advantage.

Required:
i) State the TWO (2) types of fraud as identified by ISA 240.
ii) For each type of fraud, list THREE (3) examples.

Answer

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Tags: Asset Misappropriation, Auditor Responsibility, Financial Statements, Fraud, Fraudulent Reporting, ISA 240
Level: Level 2

Topic: Audit and Assurance Risk Environment
Series: DEC 2022

Question Tag: Asset Misappropriation

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AA – Dec 2022 – L2 – Q1b – Audit and Assurance Risk Environment

Defines fraud under ISA 240 and provides examples of two types of fraud: fraudulent financial reporting and misappropriation of assets

AA – Dec 2022 – L2 – Q1b – Audit and Assurance Risk Environment

Defines fraud under ISA 240 and provides examples of two types of fraud: fraudulent financial reporting and misappropriation of assets

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Question Tag: Asset Misappropriation

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AA – Dec 2022 – L2 – Q1b – Audit and Assurance Risk Environment

Defines fraud under ISA 240 and provides examples of two types of fraud: fraudulent financial reporting and misappropriation of assets

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AA – Dec 2022 – L2 – Q1b – Audit and Assurance Risk Environment

Defines fraud under ISA 240 and provides examples of two types of fraud: fraudulent financial reporting and misappropriation of assets

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