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The auditor may respond to identified risks by adjusting the nature, timing, and extent of audit procedures performed. Specifically:

 The nature of procedures may need to be modified to provide more reliable and persuasive evidence, or to corroborate management’s representations. For example, the auditor may need to rely more on independent sources, physical observation of assets, or computer- assisted audit techniques (CAATs).

 The timing of procedures may need to be changed. For example, the auditor may decide to perform more procedures at year-end, rather than relying on tests from an interim date.

 The extent of procedures applied should reflect the assessment of fraud risk and may need to be adjusted. For example, the auditor may increase sample sizes, perform more detailed analytical procedures, or utilize more computer-assisted audit techniques.

(AU-C 240.30)

Appendix B of AU-C 240 contains the following examples of ways to modify the nature, timing, and extent of tests in response to identified risks of material misstatement due to fraud:

 Perform unannounced or surprise procedures at locations.

 Ask that inventories be counted as closely as possible to the end of the reporting period.

 Orally confirm with major customers and suppliers in addition to sending written confirmations.

 Send confirm requests to a specific party in an organization.

 Perform substantive analytical procedures using disaggregated data, such as comparing gross profit or operating margins by location, line of business, or month to auditor-developed expectations.

 Interview personnel involved in areas where a fraud risk has been identified to get their views about the risk and how controls address the risk.

 Discuss with other independent auditors auditing other subsidiaries, divisions, or branches the extent of work that should be performed to address the risk of fraud resulting from transactions and activities among those components.

 If the work of an expert becomes particularly significant with respect to a financial statement item for which the assessed risk of misstatement due to fraud is high, perform additional procedures relating to some or all of the expert’s assumptions, methods, or findings to determine that the findings are not unreasonable, or engage another expert for that purpose.

 Perform audit procedures to analyze selected opening balance sheet accounts of previously audited financial statements to assess how certain issues involving accounting estimates and judgments (for example, an allowance for sales returns) were resolved with the benefit of hindsight.