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Using professional judgment, the auditor should consider whether information obtained about the entity and its environment indicates that fraud risk factors are present, and, if so, whether it should be considered when identifying and assessing the risk of material misstatement due to fraud. (AU-C 240.24)

Examples of fraud risk factors are presented in Illustrations 1 and 2 at the end of this chapter. These risk factors are classified based on the three conditions usually present when fraud exists:

1 Incentive/pressure

2 Opportunity

3 Attitude/rationalization

(AU-C 240.A30)

The auditor should not assume that all three conditions must be present or observed. In addition, the extent to which any condition is present may vary.

The size, complexity, and ownership of the entity may also affect the identification of fraud risks. (AU-C 240.A31)

In planning the audit, the auditor will most likely use a list of fraud risk factors to serve as a memory jogger. This list may be taken from the examples listed in the AU-C Illustrations at the end of this chapter, or the examples provided may be tailored to the client. The documentation of this list of fraud risk factors to be considered is not required, but represents good practice.

During the planning and performance of the audit, the auditor may identify some of the fraud risk factors from the list as being present at the client. Of those risk factors present, some will be addressed sufficiently by the planned audit procedures; others may require the auditor to extend audit procedures.