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    When Comparing The Auditor's Responsibility For Detectin

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    The auditor's responsibility is placed more on discovering errors than employee fraud. While judgments about increased fraud risk may influence the auditor's assessments and procedures, the auditor cannot guarantee the financial statements are free of material misstatements. If an auditor discovers potentially immaterial fraud by management, they must report it to the audit committee.

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    When Comparing The Auditor's Responsibility For Detectin

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    accounts 3 life
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    The auditor's responsibility is placed more on discovering errors than employee fraud. While judgments about increased fraud risk may influence the auditor's assessments and procedures, the auditor cannot guarantee the financial statements are free of material misstatements. If an auditor discovers potentially immaterial fraud by management, they must report it to the audit committee.

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    The auditor's responsibility is placed more on discovering errors than employee fraud. While judgments about increased fraud risk may influence the auditor's assessments and procedures, the auditor cannot guarantee the financial statements are free of material misstatements. If an auditor discovers potentially immaterial fraud by management, they must report it to the audit committee.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    253 views2 pages

    When Comparing The Auditor's Responsibility For Detectin

    Uploaded by

    accounts 3 life
    The auditor's responsibility is placed more on discovering errors than employee fraud. While judgments about increased fraud risk may influence the auditor's assessments and procedures, the auditor cannot guarantee the financial statements are free of material misstatements. If an auditor discovers potentially immaterial fraud by management, they must report it to the audit committee.

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    76.

    When comparing the auditor's responsibility for detectin


    employee fraud and for detecting errors, the profession has placed the responsibility:
    more on discovering errors than employee fraud. b. more on discovering employee fraud than errors. C.
    equally on discovering either one. d. on the senior auditor for detecting errors and on the

    manager for detecting employee fraud.


    a.

    77. Judgments about the increased risk of misstatement of the


    financial statements due to fraud may influence the auditor's professional judgments in
    the following ways except: a. The auditor's ability to assess control risk below the
    maximum may be reduced and the auditor should be sensitive to the ability
    of management to override controls. The audit team may be selected in
    ways that ensure that the knowledge, skill, and ability of personnel
    assigned significant engagement responsibilities are commensurate with
    the auditor's assessment of the level of risk. The auditor should plan and
    audit to provide a guarantee that the financial statements are free of
    material misstatements, whether due to fraud or error. The audit team may
    approach the audit with a heightened level of professional skepticism.
    d.
    a.
    78. What is an auditor's responsibility who discovers that management is involved in a
    potentially immaterial fraud?
    Report the fraud to the audit committee b. Report the fraud to the SEC c. Report the
    fraud to a level of management at least one
    level below those involved in the fraud d. Determine that the amounts involved
    are immaterial, and
    if so, there is no reporting responsibility.

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