Procedures When Fraud is suspected

Whenever the auditor encounters situation that might indicate that there is a material mis-statement in the financial statements resultant from fraud or error, the auditor must perform processes to establish whether the financial statements are materially mis-stated.

Whenever the auditor recognizes a misstatement, the auditor must consider whether such a misstatement might be analytic of fraud and when there is such a sign, the auditor must consider the implications of the mis-statement in association to other features of the audit, mainly the consistency of management representations.

• Evaluation and Disposition of Misstatements
• Documentation
• Communication
• Communication of Misstatements
• Communication of Audit Matters
• Communication of Misstatements Resulting From Fraud to Management
• Communications to Regulatory and Enforcement Authorities
• Irregularities
• Materiality
• Indication of irregularities
• Reporting to the members

 

Posted Date: 12/3/2012 5:31:41 AM | Location : United States

Ask an Expert

Related Discussions:- Procedures when fraud is suspected, Assignment Help, Ask Question on Procedures when fraud is suspected, Get Answer, Expert's Help, Procedures when fraud is suspected Discussions

Write discussion on Procedures when fraud is suspected
Your posts are moderated

Write your message here..

Related Questions

King&queen, a) Would King & Queen be liable to EFL? Provide specific case ... a) Would King & Queen be liable to EFL? Provide specific case references to support your answer.

Research and development - audit process, Research and Development - Audit ... Research and Development - Audit Process The past of business is littered along with cases of companies which have collapsed as a convulsion of over indulgence in discover and

Audit of the estimated warranty liability, Required: Describe a complete au... Required: Describe a complete audit program for collecting relevant evidence for the audit of the estimated warranty liability. Approach: Develop specific assertions related to

Cost audit, concept,need,advantage concept,need,advantage

What do you understand by yellow book, Q. What do you understand by Yellow ... Q. What do you understand by Yellow Book? Yellow Book - Written by GENERAL ACCOUNTABILITY OFFICE, yellow book sets forth standards to be followed in auditing FINANCIAL STATEMEN

Assignment, Ask question Using analytical procedures and the information pr... Ask question Using analytical procedures and the information provided in the appendix, perform an analysis of Cloud 9’s financial position and its business risks. Discuss the ratio

Techniques used during an audit?, What techniques used during an audit? ... What techniques used during an audit? Ans)  ? Be professional at all times. Avoid being judgmental. ? Follow safety procedures, clean room procedures, and all other needed pr

Objectivity - external auditor report, Objectivity - External Auditor Repor... Objectivity - External Auditor Report Many accounting figures are subjective and contain substantial terms of subjective judgment.  Many more business transactions have financ

Steps to preparing the audit, With reference to the case study business, pl... With reference to the case study business, plan an audit. You should make specific reference in your plan to: Scope of the audit Materiality Risk factors including fra

Leasehold property - audit process, Leasehold Property - Audit Process ... Leasehold Property - Audit Process Exactly the same process is adopted for leasehold buildings and land as applied about freehold buildings and land except in the matter of de