Audit Program Design

A Brief Synopsis of Your Responsibility In espy and Reporting Fraud Fraudulent fiscal account harms users by providing nonsensical financial statement information for their decision making. When assets be misappropriated, stockholders, creditors, and new(prenominal)s are harmed because assets are no longer available to their rightful(prenominal) owners (Arens, Elder, & Beasley, 2006). jibe to line of Accounting Standards (SAS) zero(prenominal) 1, Codification of Auditing Standards and Procedures, the attendee has a righteousness to conception and dress the canvas to capture valid impudence about whether the financial statements are deduct with of sensible misstatement, whether caused by error or drool. Because of the nature of audit differentiate and the characteristics of fraud, the auditor is able to obtain reasonable, but not absolute, authorisation that substantial misstatements are detected. The auditor has no tariff to plan and perform the audit to obtain reasonable effrontery that misstatements, whether caused by error or fraud, that are not material to the financial statements are detected (Farrell & Franco, 1999). In addition to SAS No. 1, Statement of Accounting Standards No.

82 states that the auditor has the responsibility to plan and perform an audit to obtain reasonable say-so about whether financial statements are free of material misstatement. Auditors are required to do the following: Consider the presence of peril of infection factorssuch as fraudulent financial reporting and the misappropriation of assets misstatements. Assess the r isk of material misstatement due to fraudthi! s assessment may be performed in conjunction with other risk assessment, for example with gibe or inherent risk. learn an appropriate audit solutionin some destiny the existing procedures are adequate to obtain reasonable assurance that the financial statements are free of material misstatements then an incompetent opinion will be given. In other band auditors may extend...If you want to micturate a full essay, coiffe it on our website: OrderCustomPaper.com

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