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[AUDIT] Is my understanding of risks correct?
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dancintomytune is
in
Audit
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A risk is a circumstance that would result in the misstatement of an transaction or account balance assertion.
A ghost employee being created isn't a risk. A ghost employee being paid isn't a risk to CEAV as long as the company actually paid it and incurred a fraud loss. What is a risk is the company recording payroll costs they didn't actually incur (occurrence).
Is this correct?
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- 8 years ago
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