Procedures when fraud is suspected, Auditing

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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

 


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