ACF3600 Auditing And Assurance

Answer:
The auditing standard ASA 240 requires auditors to find and analysis the risks of material misstatement because of frauds at two main levels, financial report level and assertion level for various classes of transactions, disclosures and accounts balances. Further this auditing standard clearly mentions when identifying and analyzing the risks of material misstatement because of fraud, the auditor should presumes that risks of fraud ar…