Homework Answers
False
The internal audit plans and policies do have greater emphasis on fraud detection.However, fraud detection capability of internal audit is limited when the frauds are of concealed nature. Internal auditors shall improve fraud detection skills and as such but the main objective is to provide opinion on financial statements and try as much as possible that statements are not materially misstated.
The auditors shall perform the audit with rigorous plan and dedication. However, the objective is not the fraud detection because they are of concealed nature.
Hence, auditor’s professional standards do not hold auditors responsible for detection if fraud is concealed by fraudulent documents.
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