What are the objectives of audit risk assessment, and why is it important to assess the likelihood that fraud may occur?

Complying With Your Responsibilities as an Auditor
By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
Competency 1: Identify the tenets of the AICPA Code of Professional Conduct.
Recognize the auditor’s responsibility under the AICPA Code of Professional Conduct.
Competency 2: Recognize ethical issues involved in financial reporting.
Assess the cause and nature of fraud, and the measures to identify them.
Competency 3: Distinguish the differences between ethical and legal issues.
Identify the auditor’s ethical and legal obligations.
Competency 4: Communicate professionally according to the expectations of the field of accounting.
Communicate in a manner that is professional and in accordance with the expectations of the field of accounting.
Assignment Instructions
When performing attest services in connection with expressing an opinion on a company’s financial statements, you have a responsibility to comply with various standards related to the performance of your duties. Expressing an opinion on a company’s financial statements is the principal activity that auditors provide to serve the public interest. Therefore, execution of these duties has to meet the highest tests established by the profession. These standards and requirements are based on GAAS in the PCAOB.
Respond to the following questions from your course text. Your paper should be no less than 800 words and no longer than 1,200 words and be compliant with all APA composition and referencing requirements.
Chapter 5 Questions
These questions are on pages 314–316 of your course text:
What are the objectives of audit risk assessment, and why is it important to assess the likelihood that fraud may occur? How might the assessment influence the auditors’ evaluation of ICFR?
Explain the content of each section of the audit report. Evaluate the importance of each section with respect to the users of financial reports.
Distinguish between an auditor’s responsibility to detect and report errors, illegal acts, and disclosure of such events.
What are the auditor’s responsibilities to communicate information to the audit committee under PCAOB standards? If the auditor discovers that the audit committee routinely ignores such communications especially when they are critical of management’s use of GAAP and the financial statements, what steps might the auditor take at this point?
Other Requirements
Your paper should meet the following requirements:
Written communication: Written communication should be free of errors that detract from the overall message.
APA formatting: Your paper should be formatted according to APA sixth edition style and formatting.
Length: 3–5 typed and double-spaced pages.
Font and font size: Times New Roman, 12 point.

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