Take the following as truth: Auditors should exercise professional judgment in planning the engagement by obtaining an understanding of the possible effects of fraud, illegal acts, or other noncompliance on the subject matter or assertion of the attestation engagement and by identifying and assessing any associated risks that could have a material effect on the attestation engagement.
Then the following statement: "The effects of fraud and illegal acts should be understood by auditors." is true, false, or inconclusive?
Answer: True