Evaluation, documentation, communication-fraud suspected, Auditing

Assignment Help:

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.


Related Discussions:- Evaluation, documentation, communication-fraud suspected

Introduction to EDP auditing, types of EDP accounting system and impact of ...

types of EDP accounting system and impact of EDP accounting controls

Capital allowances vs. depreciation, Capital allowances vs. Depreciation ...

Capital allowances vs. Depreciation Whether the client can prove such they will keep the existing levels of investment in original terms, then there may be justification to ac

Checking consolidation papers, Checking Consolidation Papers The audit...

Checking Consolidation Papers The auditor pays particular concentration to the calculation of: a) Goodwill arising on consolidation and acquisition b) Post-acquisition a

Company issues, Q. If Kiner Company issues 3,000 shares of $5 par value com...

Q. If Kiner Company issues 3,000 shares of $5 par value common stock for $70,000, the account a. Paid-in Capital in Excess of Par Value will be credited for $15,000. b. Common Stoc

Types of transaction - related party, Types of Transaction - Related Party ...

Types of Transaction - Related Party Fundamentally two types of transactions which arise between a related party and a company as: A. It is usual for members of a collectio

Attempts at definition of the ''true and fair'' view, Attempts at definitio...

Attempts at definition of the 'true and fair' view There following quotations represent authoritative views on the meaning of true and fair view. A true and fair view impli

Show the audit work of the given capital project, In planning the audit wor...

In planning the audit work of the Ministry, the audit staff member collected these details relating to the construction of an office complex. 1. In September 1994, the Ministry

Classification of management representations, Classification of Management ...

Classification of Management Representations The thing to note is which during the course of the audit the auditor obtains various representations from the management which ca

Authoritative document is ias 17 leases, Authoritative Document is IAS 17 L...

Authoritative Document is IAS 17 Leases The suitable technique of amortization or depreciation to require in the case of leasehold property and freehold buildings is straight-

Concept of audit evidence, Concept of Audit Evidence The auditing is a...

Concept of Audit Evidence The auditing is an evidence gathering exercise.  It is an exercise continued out to confirm the assertions made through the management in carrying ou

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd