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A detailed record of work completed, and evidence gathered in forming the audit opinion is confidential and should not be sha
The completeness assertion relates to all transactions and events that should have been recorded have been recorded all accou
During the risk assessment phase of the audit, auditors assess the risk of a material misstatement due to
Timing differences such as bringing forward the recognition of revenues and delaying the recognition of expenses is an exampl
Where does the responsibility for preventing and detecting fraud rest? Solely with the CEO Solely with the CFO With client maplease answer all! asap
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Answer #1

(1)

OPTION: is contained in the working papers

EXPLANATION:

Audit working papers contains the record of work completed and audit evidence.

(2)

OPTION: all transactions and events that should have been recorded have been recorded.

EXPLANATION:

completeness assertion denotes that no material transaction has remained unrecorded.

(3)

OPTION: fraud or error

EXPLANATION:

Misstatement in the financial statement can happen either on account of fraud or error

(4)

OPTION: fraudulent financial reporting

EXPLANATION:

Not following fundament accounting principles such as conservatism, prudence while preparing financial statements amounts to fraudulent financial reporting

(5)

OPTION: with client management and those charged with governance

EXPLANATION:

the management and those charged with governance of a company are solely responsible for prevention and detection of the fraud.

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