Discuss and write a paper on Fraud Risk.Discuss the eight-step fraud risk assessment process presented in SAS No. 99 and explain how performing a risk assessment will help to prevent or detect fraud.1.Staff discussion2.Obtain information needed to identify risk3.Identify Risks4.Assess identified risks and potential schemes after considering internal controls5.Respond to the results of the risk assessment6.Evaluate the audit evidence7.Communicate about fraud to appropriate levels of management8.Document procedures taken in steps 1-7What is required by section 404 of the Sarbanes-Oxley Act?How could this requirement prevent or detect fraud?
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