Dipl. Wirtschaftsprüfer HFP Practice Questions - Diplomierte R Wirtschaftsprüferin Wirtschaftsprüfer Mit Eidgenössischem Diplom Exam

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Under Swiss Auditing Standard PS 240 (ISA 240 / The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements), what are the two mandatory presumed fraud risks that the auditor must assess in every audit engagement?

1) Fraud in Revenue Recognition (Improper revenue recognition / fiktive Umsatzerlöse); and 2) Risk of Management Override of Controls (Übersteuerung von Kontrollen durch das Management) 1) Embezzlement of office paper; and 2) Employee tardiness 1) Tax rate increases; and 2) Bank interest rate fluctuations 1) Cyberattacks from foreign hackers; and 2) Electric power outages

Correct Answer:

1) Fraud in Revenue Recognition (Improper revenue recognition / fiktive Umsatzerlöse); and 2) Risk of Management Override of Controls (Übersteuerung von Kontrollen durch das Management)

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