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The public generally recognizes that it is very difficult for auditors to detect fraud, and therefore tend to not hold audito
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True, because there is always some inherent risk . so auditor cannot be held accountable if auditor fail to detect any fraud.

Due to its inherently illegal nature, fraud is almost always hidden or disguised, making it very difficult to detect. Even if the auditor was to double or triple the sample size, it would not guarantee a transaction indicating wrongdoing would be selected. If the auditor looked at every transaction comprising the financial statements, the cost would likely far outweigh the dollar value of the fraud committed.

An auditor’s role is to form an opinion about whether the financial report as a whole is free from material misstatement, whether due to fraud or error. The auditing standards provide the legal requirements for the conduct of an audit, which is intended to provide reasonable but not absolute assurance that the financial report contains no fraud or errors. It is not a guarantee. The magnitude of any fraud, whether there was collusion and the sophistication of any concealment, will have a significant impact on whether the audit procedures are likely to identify that fraud.

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