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SOFE SOFA-CFE Exam - Topic 5 Question 8 Discussion

Judgments about the risk of material misstatement due to fraud have an overall effect on how the audit is concluded in what ways?
D) All of the above
A) Assignment of personnel and supervision
B) Accounting principles
C) Predictability of auditing procedures

SOFE SOFA-CFE Exam - Topic 5 Question 8 Discussion

Actual exam question for SOFE's SOFA-CFE exam
Question #: 8
Topic #: 5
[All SOFA-CFE Questions]

Judgments about the risk of material misstatement due to fraud have an overall effect on how the audit is concluded in what ways?

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Suggested Answer: D

by Ma at May 07, 2022, 04:11 AM

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Gertude
8 months ago
Accounting principles? Not so sure about that one.
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Annelle
8 months ago
Predictability of auditing procedures is key, for sure!
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Cathern
9 months ago
Really? All of the above? Seems like a stretch.
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Stephanie
9 months ago
I think it impacts all aspects, so D is the way to go!
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Alesia
9 months ago
Definitely affects assignment of personnel and supervision.
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Deonna
9 months ago
I recall that higher fraud risk means more supervision is needed, which makes me lean towards A, but I wonder if D could also be correct.
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Dorethea
9 months ago
I'm a bit uncertain about how predictability of auditing procedures ties into fraud risk. It feels like it could be important, though.
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Lazaro
9 months ago
I think we practiced a question similar to this where all options were relevant, so maybe D is the right choice?
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Nada
9 months ago
I remember we discussed how the risk of material misstatement affects the assignment of personnel, but I'm not sure if it impacts accounting principles directly.
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Luisa
9 months ago
Hmm, I'm a bit unsure about this one. I'll need to think it through carefully before selecting an answer.
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Eileen
9 months ago
Whoa, this is a tough one. I remember learning about insider threats in class, but I can't recall the exact percentage. I'll have to guess and go with C, 50%.
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Belen
10 months ago
Hmm, I'm a bit unsure here. I think communicating the potential impact to the application owner might be the safest first step, but I'm not totally confident.
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