External financial statement, Auditing

Assignment Help:

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.

Related Discussions:- External financial statement

Preliminary evaluation of internal control, For each of the following indep...

For each of the following independent situations, state whether you agree or disagree, and briefly explain your answer. (a) Materiality is used only at the planning stage of the

Test clerical accuracy of inventory listing, You have been assigned to carr...

You have been assigned to carry out a stock take in a company. Your Audit Supervisor has given you with an audit programme. As part of a briefing session to your juniors, you a

Inclusion in a report of investigation, Question : (a) Describe the fol...

Question : (a) Describe the following terms: 1) Forensic Accounting; 2) Forensic Investigation; 3) Forensic Auditing. (b) Explain the basic elements to consider for

Assignments, Describe the factors which decide the broad area of Scientific...

Describe the factors which decide the broad area of Scientific activity?

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,

Selection of a sample - audit process, Selection of a Sample - Audit Proces...

Selection of a Sample - Audit Process The following accounts must be involved in debtor's circularisation: 1) Large balances since they are large and the moreover you can sub

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

Litter to mangment, policy od collecting refernces

policy od collecting refernces

What type of sampling plan should the auditors use for test?, In performing...

In performing a test of controls for sales order approvals, the CPAs stipulate a tolerable deviation rate of 8 percent with a risk of assessing control risk too low of 5 percent. T

Advantages and disadvantages of internal audit?, Benefits of Internal Audit...

Benefits of Internal Audit are following: It is in-expensive. No charted accounted is needed to audit internally. Faults will be removed before preparing financial stateme

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages