Describe an auditor's responsibility for detecting fraud.
Describe an auditor's responsibility for detecting fraud.
Homework Answers
with respect to the detection of fraud, an auditor is required to:
-To recognize and analyze the material misstatement risks of the financial statements resulting because of fraud
-To design and implement appropriate responses to get sufficient audit evidence regarding the recognized and analyzed
material misstatement risks of the financial statements resulting because of fraud
-To initiate the required measures to deal with fraud or suspected fraud identified during the process of auditing.
c.Which of the following statements reflects an auditor's responsibility for detecting fraud? O 2. An auditor...
c.Which of the following statements reflects an auditor's responsibility for detecting fraud? O 2. An auditor should plan the audit to detect fraud caused by departures from GAAP O 3. An auditor is not responsible for detecting fraud unless the application of audting standards would resuit in such detection O 4. An auditor should design the audit to provide reasonable assurance of delecting errors and fraud that are material to the financial staloments
What is the auditor's responsibility if they find evidence that might be fraud when conducting an...
What is the auditor's responsibility if they find evidence that might be fraud when conducting an audit?
R14-3 Discuss the auditor's responsibility for detecting subsequent events prior to the completion of field work....
R14-3 Discuss the auditor's responsibility for detecting subsequent events prior to the completion of field work. LO2 R14-4 Explain the process of "engagement wrap-up?" Why is it important? LO3 R14-5 Provide an example of why an auditor would reevaluate control risk near the end of the audit. Provide a different example of why an auditor would reevaluate fraud risk near the end of the audit. LO3 R14-6 Discuss actions an auditor would take when misstatements identified during the audit are...
Describe your responsibility as a healthcare manager as it applies to fraud and abuse. What if...
Describe your responsibility as a healthcare manager as it applies to fraud and abuse. What if you were a unit manager? A department manager? A member of the executive team?
The auditor's professional standards hold auditors responsible for detection if a fraud is concealed by fraudulent...
The auditor's professional standards hold auditors responsible for detection if a fraud is concealed by fraudulent documents True False
What is an auditor's responsibility for supplementary information that is outside the basic financial statements but...
What is an auditor's responsibility for supplementary information that is outside the basic financial statements but required by the FASB? Group of answer choices The auditor has no responsibility for required supplementary information as long as it is outside the basic financial statements. The auditor's only responsibility for required supplementary information is to determine that such information has not been omitted. The auditor should apply certain limited procedures to the required supplementary information and add an other-matter paragraph to the...
Which of the following are true statements? A. An auditor is responsible for detecting fraud. B....
Which of the following are true statements? A. An auditor is responsible for detecting fraud. B. When an auditor issues an opinion, they are guaranteeing the company will continue into the future. C. An unqualified audit opinion guarantees that the financial statements are 100% correct. D. The auditor tests a sample of transactions. E. The primary responsibility for fraud prevention and detection remains with those charged with governance. F. Peer reviews of audits ensure that auditing standards have been applied...
Recently, there have been a significant number of highly publicized cases of management fraud involving the...
Recently, there have been a significant number of highly publicized cases of management fraud involving the misstatement of financial statements. Although most clients possess unquestioned integrity, a very small number, given sufficient incentive and opportunity, may be predisposed to fraudulently misstate reported financial conditions and operating results. What distinguishes financial reporting fraud from other types of fraud? What are an auditor's responsibilities, under generally accepted auditing standards, to detect financial reporting fraud? What are the characteristics of financial reporting fraud...
In auditing a not-for-profit entity that receives governmental financial assistance, the auditor has a responsibility to:...
In auditing a not-for-profit entity that receives governmental financial assistance, the auditor has a responsibility to: Group of answer choices Issue a separate report that describes the expected benefits and related costs of the auditor's suggested changes to the entity's internal control. Assess whether management has identified laws and regulations that have a direct and material effect on the entity's financial statements. Notify the governmental agency providing the financial assistance that the audit is not designed to provide any assurance...
Audit committees are an effective tool for detecting and preventing fraud. Provide a rationale for your...
Audit committees are an effective tool for detecting and preventing fraud. Provide a rationale for your response.
c.Which of the following statements reflects an auditor's responsibility for detecting fraud? O 2. An auditor should plan the audit to detect fraud caused by departures from GAAP O 3. An auditor is not responsible for detecting fraud unless the application of audting standards would resuit in such detection O 4. An auditor should design the audit to provide reasonable assurance of delecting errors and fraud that are material to the financial staloments
R14-3 Discuss the auditor's responsibility for detecting subsequent events prior to the completion of field work. LO2 R14-4 Explain the process of "engagement wrap-up?" Why is it important? LO3 R14-5 Provide an example of why an auditor would reevaluate control risk near the end of the audit. Provide a different example of why an auditor would reevaluate fraud risk near the end of the audit. LO3 R14-6 Discuss actions an auditor would take when misstatements identified during the audit are...
The auditor's professional standards hold auditors responsible for detection if a fraud is concealed by fraudulent documents True False
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