Fachprüfung Wirtschaftsprüfer Practice Questions - Austria Fachprüfung Für Wirtschaftsprüfer (Statutory Auditor Examination) Exam

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Under ISA 240 (The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements), what mandatory fraud risk presumptions must the auditor apply?

A rebuttable presumption that there are risks of fraud in Revenue Recognition, and a non-rebuttable risk that management can override internal controls (Management Override of Controls) A presumption that all corporate employees are committing petty theft A presumption that suppliers are paying secret kickbacks on 100% of purchase orders There are no fraud presumptions in professional auditing standards

Correct Answer:

A rebuttable presumption that there are risks of fraud in Revenue Recognition, and a non-rebuttable risk that management can override internal controls (Management Override of Controls)

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