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15 March, 19:17

List two major characteristics that are useful in predicting the likelihood of fraudulent financial reporting in an audit for each of the characteristics state two things that the auditor can do to evaluate its significance in the engagement

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  1. 15 March, 19:40
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    The two major characteristics that are useful in predicting the likelihood of fraudulent financial reporting in an audit are weak internal controls and industry conditions.

    For both of these, more audit work and larger samples are ways to mitigate this risk.
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