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This study investigates whether the Auditing Standards Board's (ASB's) Statement on Auditing Standards No. 82 (AICPA 1997) requiring auditors to separately assess the risk of fraud will lead auditors to spend more time reading fraud cues and design audit plans that are more sensitive to fraud risk. In this paper, fraud means intentionally misstating the financial statements. Auditors' ability to detect fraud has received significant attention from researchers, practitioners, legislators, and policymakers (see, e.g., Albrecht and Willingham 1993, National Commission
Mark F. Zimbelman (Wed,) studied this question.