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Question 700 - IIA-CIA-Part1 discussion

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An organization is conducting a fraud risk assessment as part ol its risk management program. Which of the following steps is the organization most likely to perform first?

A.

Identify relevant fraud risk factors.

Answers
A.

Identify relevant fraud risk factors.

B.

Identify potential fraud schemes.

Answers
B.

Identify potential fraud schemes.

C.

Identify existing controls for preventing and detecting fraud.

Answers
C.

Identify existing controls for preventing and detecting fraud.

D.

Identify red flags by conducting data analysis.

Answers
D.

Identify red flags by conducting data analysis.

Suggested answer: A

Explanation:

The first step in conducting a fraud risk assessment is to identify relevant fraud risk factors (Option A). This involves understanding the internal and external factors that could influence the likelihood and impact of fraud within the organization. Identifying these risk factors sets the foundation for subsequent steps, such as identifying potential fraud schemes, existing controls, and red flags. This approach aligns with the guidance provided in the IIA's Practice Guide on Managing the Business Risk of Fraud, which outlines the process of conducting comprehensive fraud risk assessments starting with identifying risk factors.

Reference:

IIA Practice Guide: Managing the Business Risk of Fraud

COSO Framework for Fraud Risk Management

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asked 03/11/2024
Tristan Zerner
45 questions
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