Which of the following statements is correct concerning the required documentation in working papers of fraud risk assessment undertaken by the auditor?
Options:
| a) All risk factors as mentioned in AAS-4, should be considered and documented along with response to them. b) Document the identification of fraud risk factors along with response to them. c) Document material fraud, risk factors and response to them. d) No documentation in required. |
The Correct Answer Is:
b) Document the identification of fraud risk factors along with response to them.