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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 38 / 352

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© D.L. Crumbley

Fraud Risk-Assessment Process

4. Assess likelihood of fraud

Remote

Reasonably possible

Probable

5. Assess significance of risk

Inconsequential

More than inconsequential

Material

6. Link antifraud controls – identify the control activities for fraud risks that are both more than likely to occur and more than inconsequential in amount.

7. Apply assessment results to the audit plan – consider and document the results of the fraud assessment when developing the audit plan.

Source: Jonny Frank, “Fraud Risk Assessments,” Internal Auditor, April, 2004, pp. 43-47

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