According to International Standards of Auditing 240, The auditors responsibilities relating to fraud in an audit of financial statements: When identifying and assessing the risks of material misstatement due to fraud, the auditor shall, based on a presumption that there are risks of fraud in revenue recognition, evaluate which types of revenue, revenue transactions or assertions give rise to such

Sep 8, 2023

According to International Standards of Auditing 240, The auditor’s responsibilities relating to fraud in an audit of financial statements:

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According to International Standards of Auditing 240, The auditors responsibilities relating to fraud in an audit of financial statements: When identifying and assessing the risks of material misstatement due to fraud, the auditor shall, based on a presumption that there are risks of fraud in revenue recognition, evaluate which types of revenue, revenue transactions or assertions give rise to such
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‘When identifying and assessing the risks of material misstatement due to fraud, the auditor shall, based on a presumption that there are risks of fraud in revenue recognition, evaluate which types of revenue, revenue transactions or assertions give rise to such risks.’

Required:

Discuss why the auditor should presume that there are risks of fraud in revenue recognition and why ISA 240 requires specific auditor responses in relation to the risks identified

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