Evaluation, documentation, communication-fraud suspected, Auditing

Evaluation and Disposition of Misstatements, and the Effect on the Auditor’s Report:
Whenever the auditor verifies that, or is not capable to conclude whether, the financial statements are materially mis-stated as an outcome of fraud or error, the auditor must consider the allegation for the audit.

Documentation:
The auditor must document fraud risk factors recognized as being present during the auditor’s assessment procedure and document the auditor’s reaction to any such factors. When during the act of the audit, fraud risk factors are recognized which cause the auditor to consider that additional audit processes are essential, the auditor must document the existence of such risk factors and the auditor’s reply to them.

Communication:
Whenever the auditor recognizes a misstatement resultant from fraud, or a suspected fraud, or error, the auditor must consider the auditor’s duty to communicate that information to management, those charged with supremacy and, in some conditions, to regulatory and enforcement authorities.

Posted Date: 12/3/2012 5:35:05 AM | Location : United States







Related Discussions:- Evaluation, documentation, communication-fraud suspected, Assignment Help, Ask Question on Evaluation, documentation, communication-fraud suspected, Get Answer, Expert's Help, Evaluation, documentation, communication-fraud suspected Discussions

Write discussion on Evaluation, documentation, communication-fraud suspected
Your posts are moderated
Related Questions
example of it security policies in Hardware

Insurance Companies Authoritative documents involved as: The Insurance Act The Companies Act IFRS 4 Insurance Contracts The major legislation governing insu

Auditing appears to be a worse of time considering financial fraud cases in Zimbabwe and world over. Justify the existence of the audit profession and what to be done to improve it

if a proxy is voted as per his judgement other than member prescribed to him... what is the action to be taken?

Companies Modes of Operation Some companies (especially small ones) operate without any overtly expressed plan and simply carry out the business as always, responding to market

Fraud and Error ISA 240: the Auditor’s duty to Consider Fraud and Error defines that whenever planning and performing audit procedures, computing and reporting outcomes thereby

Ownership and Existence - Verification Procedures Establishment of title and beneficial ownership of investments is not convincingly possible. Conversely, evidence is obtainab

What are the engagement procedures of auditing

Existence - Detailed Audit of Stock In the previous the auditor accepted a director's certificate as to the existence of stocks.  Until some cases specifically in the United S

Valuation - Detailed Audit of Stock IAS 2 prescribes such stock be priced at the lower of price and net realizable price, It is up to the auditor to ensure that net realizable