Video: Fraud & General Risk at All Levels Objectives

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In this lesson, Nick Palazzolo, CPA, discusses the assessment of material statement risk in an entity's financial statements due to fraud or errors. He introduces the concept of a fraud brainstorming session and explains its importance during the planning phase for engagement teams. The lesson also covers the identification and documentation of risks and their potential impacts, as well as related controls at the relevant assertion level for significant classes of transactions, account balances, and disclosures. Additionally, Nick delves into situations indicative of fraud, including misappropriation of assets and fraudulent financial statements, providing a comprehensive understanding of the topic.

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Identify Risk During Planning
Module: 5 Concepts, 62 Videos