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It provides a brief overview of the characteristics of fraud, followed by a description of how to assess fraud risks and incorporate the information into an engagement. This practice guide describes the characteristics of fraud and the process of identifying and assessing fraud risks when planning individual audit engagements. It outlines the process of incorporating a fraud risk assessment into engagement planning, including how to gather information, brainstorm fraud scenarios, identify fraud risks, and rate their significance to determine which fraud risks should be evaluated further during the engagement.