If financial statement auditors had more responsibility to look for fraud, how would that help overall...
If financial statement auditors had more responsibility to look for fraud, how would that help overall enforcement?
Homework Answers
WHEN AN AUDITOR WAS FINDS FRAUD, he or she they should always be consider the implications for other aspects of the audit.
If the resulting misstatement was not material to that the financial statements,than the auditor should be refer the matter to an appropriate level of the management at least one level above those involved.
For fraud that has to be a material effect on that the financial statements,than the auditor should be discuss the matter and any further investigation with an appropriate level of the management, determine its effect on the financial statements and the auditors report, report it directly to the audit committee and suggest the client consult the legal counsel.
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If financial statement auditors had more responsibility to look
for fraud, how would that help overall...
what would be a red flag for improper asset valuation? and how would u find the fraud on the financial statement? where would you look on the financial statement?
what would be a red flag for improper asset valuation? and how would u find the fraud on the financial statement? where would you look on the financial statement?
AU Section 316 requires auditors to consider fraud in the financial statement audit. Research this section...
AU Section 316 requires auditors to consider fraud in the financial statement audit. Research this section of the AICPAs standards and discuss some of the activities you would implement in your audit of a publicly traded company to document your audit teams consideration of fraud in the clients financial statements. In your discussion, include who would be involved in the brainstorming session and why.
Internal auditors focus on external auditors are more concerned with O A. e-commerce; fraud O B....
Internal auditors focus on external auditors are more concerned with O A. e-commerce; fraud O B. company policies and procedures; financial statements O c. financial statements; risk assessment OD. financial statements; laws and regulations
6-27 (Objectives 6-10, 6-30) Auditors provide “reasonable assurance” that the financial statements are "fairly stated, in...
6-27 (Objectives 6-10, 6-30) Auditors provide “reasonable assurance” that the financial statements are "fairly stated, in all material respects." Questions are often raised as to the responsibility of the auditor to detect material misstatements, including misappropriation of assets and fraudulent financial reporting. ксчиси a. Discuss the concept of "reasonable assurance” and the degree of confidence that financial statement users should have in the financial statements. b. What are the responsibilities of the independent auditor in the audit of financial statements?...
Fraud is an international act to misappropriate (steal) assets to misstate financial statement. There are many...
Fraud is an international act to misappropriate (steal) assets to misstate financial statement. There are many documented high-profile collapses of companies due to fraud. As the Enron and WorldCom scandals unfolded, many people asked, “How can these things happen? If such large companies that we have trusted commit such acts, how can we trust any company to be telling the truth in its financial statements? ? Where were the auditors?” These scandals caused the creation of the Sarbanes-Oxley Act in...
QUESTION 1 According to Brazel’s research, responses from financial statement auditors in the U.S. who were...
QUESTION 1 According to Brazel’s research, responses from financial statement auditors in the U.S. who were surveyed about their experiences with IT auditors indicated that they believe IT auditors’ _______ levels vary in practice. A. competence B. capability C. objectivity D. participation QUESTION 2 Auditors inspecting a sample of accounts payable balances listed on the ledger and verifying that they are true payables owed by the client gather evidence in support of the _______ assertion. A. accuracy B. occurrence C....
V Fraud is an international act to misappropriate (steal) assets to misstate financial statements. There are...
V Fraud is an international act to misappropriate (steal) assets to misstate financial statements. There are many documented high-profile collapses of companies due to fraud. As the Enron and WorldCom scandals unfolded, many people asked, “How can these things happen? If such large companies that we have trusted commit such acts, how can we trust any company to be telling the truth in its financial statements? ? Where were the auditors?” These scandals caused the creation of the Sarbanes-Oxley Act...
1. Overall, would it be more profitable for a business to follow the economic model or...
1. Overall, would it be more profitable for a business to follow the economic model or the socioeconomic model of social responsibility? (120 words or more)
LIST THE FIVE BASIC TYPES OF FINANCIAL STATEMENT FRAUD. DEFINE MATERIALITY AND HOW AN AUDITOR SHOULD...
LIST THE FIVE BASIC TYPES OF FINANCIAL STATEMENT FRAUD. DEFINE MATERIALITY AND HOW AN AUDITOR SHOULD LEGALLY AND PROFESSIONALLY SET MATERIALITY. REMEMBER THE COURT CASES! DESCRIBE WHEN EARNINGS MANAGEMENT IS NOT LEGAL.
Assessing the risk of fraud in a financial statement audit is a difficult audit judgment. Auditing...
Assessing the risk of fraud in a financial statement audit is a difficult audit judgment. Auditing standards require the auditor to perform several audit procedures to accumulate information to assess the risk of fraud. You are the in-charge auditor responsible for planning the financial statement audit of Spencer, Inc. What must the auditor document in the working papers related to this brainstorming session? Auditing standards require that the audit documentation include ____ (any or significant) decisions made during the discussion...
Internal auditors focus on external auditors are more concerned with O A. e-commerce; fraud O B. company policies and procedures; financial statements O c. financial statements; risk assessment OD. financial statements; laws and regulations
6-27 (Objectives 6-10, 6-30) Auditors provide “reasonable assurance” that the financial statements are "fairly stated, in all material respects." Questions are often raised as to the responsibility of the auditor to detect material misstatements, including misappropriation of assets and fraudulent financial reporting. ксчиси a. Discuss the concept of "reasonable assurance” and the degree of confidence that financial statement users should have in the financial statements. b. What are the responsibilities of the independent auditor in the audit of financial statements?...
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