. Identify from the following the situation/s where auditors are removed by the client. a. All the given options b. Involve in fraud by the auditor c. Non-performance of his duty d. Non-cooperation by auditor

Q: Write a memo to Mr Mika discussing the audit objective and an auditor's responsibility in detecting…

A: Fraud can be defined as an intentional misstatement or misrepresentation of facts by the company or…

Q: sufficient care and skill in carrying out their audit might lead to legal action by those who claim…

A: Auditing refers to the process when an accounting professional collects and rechecks all the…

Q: In connection with the examination of financial statements by applying PSA 240 & 300, an independent…

A: Auditor: A person authorized to verify & review the accuracy of financial statements. & To…

Q: Members of the audit engagement team are required to discuss the susceptibility of the entity's…

A: Audit frauds are conducted to hide the actual position of the financial statements of the company to…

Q: What is the primary difference between fraud and error infinancial statement reporting?a. The…

A: Financial statements are those statements which are prepared at the end of the period for the review…

Q: In a fraud examination, original documents must be protected from damage and tampering toa.…

A: Fraud examination: Wrongdoing checks require attempts to address claims or signs of wrongdoing where…

Q: Distinguish between the terms errors and fraud. Distinguish between fraudulent financial reporting…

A: Answer 1) Fraud is an intentiional act Involving the use of deceptiion that results in a materiial…

Q: 23 Choose the circumstances in which financial statements are not true and fair. a. When the…

A: The circumstances in which financial statements are not true and fair when the financial statements…

Q: Incompatible duties exist when an employee is in a position tlo penetrate and conceal errors of…

A: Fraud means intentional concealment of facts or wrongful action resulting in financial or personal…

Q: f the auditor believes that a misstatement is or might be intentional and the effect on the…

A: Auditor: The auditor is the professional person who is appointed to conduct the official scrutiny of…

Q: 1: The documentation of internal controls pertain only to those controls that are relevant to the…

A: Answer: 1: The documentation of internal controls pertain only to those controls that are relevant…

Q: 4. a) The primary responsibility for the prevention and detection of fraud rests with both those…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 4 Jamie is an auditor. While preparing to audit his client, FoodCourt, he finds a weakness in the…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Which of the following is a way to prove that a fraud was intentional? A. Show that the suspect…

A: Solution: Fraud is wrongful act intended for personal or financial gain.

Q: Which of the following would a fraudster perceive as a pressure?A. lack of management oversightB.…

A: Internal control techniques are those procedures or techniques which will ensure that objectives of…

Q: 8 Answer is not complete. a. Evaluating the effectiveness of the client's internal control in…

A: Risk Assessment: The  client’s internal  control  is evaluated to get the effectiveness of it. It is…

Q: susceptibility of fraud r

A: Option a is wrong because susceptibility denotes the possibility of fraud, not the occurrence of…

Q: f auditors and investigators modified their typical procedures and regularly used a few unexpected…

A: An Auditor is an individual or a firm named by an organization to execute a review. An individual…

Q: Detection risk is the risk that O a client's system of internal controls will not prevent or detect…

A: Auditing means the independent checking of company operation by outsider. Auditor is  qualified and…

Q: 2. Whom should the auditors contact when they suspect a fraud? A. Either the senior management or…

A: Auditing means the independent checking of company operation by outsider. Auditor is  qualified and…

Q: Rationalization for fraud can fall under two categories: “no harm” and “no responsibility.” Assume…

A: Rationalization: Rationalization emphasizes on the justification provided by an employee and finds…

Q: Audit evidence obtained directly by the auditor will not be reliable if Select one: a. it is…

A: The question is multiple choice question  Required  Choose the Correct Option.

Q: If an auditor believes that a misstatement might be intentional and the effect on the financial…

A: c) If the auditors prepare the procedure and if check whether the fraud have taken place or going to…

Q: Which of the following statements is incorrect regarding the reliability of audit evidence? a.…

A: The audit is an independent examination of financial information of an entity whether…

Q: SAS No. 99 (now PCAOB AS 2401) states that the auditor has the responsibility to plan and perform…

A: Professional skepticism is the attitude of critically identifying and assessing the audit evidence

Q: Which of the following statement is incorrect about documentation of the audit procedures performed…

A: Audit documentation refers to the records or documentation of procedures that auditors performed.…

Q: Why do auditors need to differentiate between employee and management fraud? Is it the…

A: That the Company's financial statements are free of any substantial misstatements following…

Q: WHAT ARE THE TWO TYPES OF FRAUD THAT AN AUDITOR TAKES INTO CONSIDERATION WHEN DETERMINING THE…

A: The auditor is responsible to check whether the financial statement gives a true and fair view of…

Q: 32. Which of the following statements best describes the competency requirement for an auditor…

A: Auditor is the person who is responsible for examining and verifying books of account and financial…

Q: When the auditor identifies that a key control absent he/she would most probably: Select one: a.…

A: d.  Issue a qualified or disclaimer of opinion on internal controls over financial reporting.…

Q: An auditor's engagement letter most likely would include a statement regardıng: 1. Conditions under…

A: Auditing involves an independent examination of financial records of an entity with a view to…

Q: whom should the auditors contact when they suspect a fraud? a. senior management b. audit…

A: Auditors are the persons who examine the financial statements of an entity to check the accuracy and…

Q: Which of the following statements concerning the independent auditor's required communication of…

A: 1. Weaknesses that had been reported in prior years' communications and have not been corrected need…

Q: A lack of reasonable care that may be characterized by the failure of auditors to followGAAS in the…

A: Generally Accepted Auditing Standards (GAAS): Generally accepted auditing standards (GAAS) states…

Q: Define fraud and explain the two types of misstatements thatare relevant to auditors’ consideration…

A: Solution Introduction This question pertains to standard on auditing which deals with auditors…

Q: In forming the auditor’s opinion, the auditor is required to obtain reasonable assurance about…

A: Reasonable Assurance: When it comes to major misstatements, reasonable assurance is a high degree of…

Q: Which of the following statements is not true? a. The auditor’s main duty is the detection and…

A: The auditor has to ensure whether the financial statements represent true and fair view and as well…

Q: Under which clause of ISA, the auditor's responsibilities relating to prevention and detection of…

A: Auditor is the person who is responsible for audit work. Audit means examination or review of books…

Q: Auditing standards do not require auditors of financial statements toa. Understand the nature of…

A:

Q: nternal control can only provide reasonable, not absolute, assurance of achieving entity control…

A: Introduction:- Internal controls are the rules, and regulations and certain procedures executed by a…

Q: An auditor conducting an audit in accordance with ______________is responsible for obtaining…

A: An auditor conducting an audit in accordance with ISAs is responsible for obtaining reasonable…

Q: Question 4 The  auditor of a large public company has determined that a material weakness exists in…

A: Introduction:- A major failure in the client's internal controls over financial reporting has been…

Q: 2. The auditors who find that the client has committed an illegal act would be most likely to…

A: When auditors discover that a client has engaged in illegal activity, they are more likely to leave…

Q: 14-Which of the following statements is not true? a. Internal control system reduces the errors and…

A: Internal controls square measure outlined broadly speaking because the measures a corporation takes…

Q: The risk of not detecting a misstatement resulting from fraud is greater than that resulting from…

A: Audit is the process of verifying books of accounts and financial statements of business and it…

Q: Q. According to ISA 200, Which of the following statement is true with respect of inherent…

A: Audit is the process of verifying and examining the books of accounts and financial information in…

Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.