As per the standard audit engagement letter signed between external financial statement auditor and client/ auditee, auditor's primary role is to detect fraud.

Ans: No, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and with management. An auditor conducting an audit in accordance with ISAs obtains reasonable assurance that the financial statements taken as a whole are free from material misstatement.

Posted Date: 3/16/2013 3:44:10 AM | Location : United States

Ask an Expert

Related Discussions:- External financial statement, Assignment Help, Ask Question on External financial statement, Get Answer, Expert's Help, External financial statement Discussions

Write discussion on External financial statement
Your posts are moderated

Write your message here..

Related Questions

Explain the single audit act, Q. Explain the Single Audit Act? Single A... Q. Explain the Single Audit Act? Single Audit Act - Single Audit Act of 1984 and Single Audit Act Amendments of 1996 establish requirements for audits of states, non-profit org

Statistical techniques-factors, Statistical techniques Factors to be ta... Statistical techniques Factors to be taken into consideration before adopting statistical techniques: a) The number of clients to whom it is appropriate because set up costs a

What method would you use to test an individual account bal., You are audit... You are auditing the accounts receivable balance of a cable television provider. Individual accounts receivables tend to be similar in amount to each other and cover one or two mon

Adudit, For each threat explain how it might be avoided. For each threat explain how it might be avoided.

Transaction Class Narratives, Prepare a narrative describing the transactio... Prepare a narrative describing the transaction cycle process for debt in a municipality.

Compare forensic investigations and financial audits, Question 1: "Whil... Question 1: "While their roles sometimes overlap, financial statement auditors and forensic accounting investigators tackle financial fraud issues from different perspectives,

Valuation and income - verification procedures, Valuation and Income - Veri... Valuation and Income - Verification Procedures Valuation Valuation of listed securities is easily conformed along with suitable financial publications. Directors' valua

Audit procedures on investment, describe how the auditors would determine t... describe how the auditors would determine that all investments income from shares had been properly recorded in the accounting records

Permanent audit file, Permanent Audit File The permanent audit file mi... Permanent Audit File The permanent audit file might involve, inter alia: a) A copy of the enterprise's statutes or statutory documents and other legal governing the enterpr

Valuation - detailed audit of stock, Valuation - Detailed Audit of Stock ... 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