In this lesson, Nick Palazzolo, CPA provides an overview of how auditors assess the risk of fraud and the factors that could lead to fraudulent financial reporting. The lesson also discusses the difference between fraud from misappropriation of assets and fraud from financial reporting, as well as the fraud triangle and proper segregation of duties. Additionally, the lesson covers an auditor's approach to general risks and strategies for identifying and mitigating these risks. This comprehensive lesson is ideal for understanding key concepts related to fraud and general risk in auditing.
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