EPL top 6 and Laliga top 6 π
Arsenal dunks on Madrid
Chelsea dunks on Barca
Mancity dunks on ATh Madrid
Villarreal dunks on Man U
Liverpool dunks on sociedad
Tottenham dunks on Celta
Ogaa that league no be league π
ISA 240 Explained!
Quick one:
An Auditor is NOT responsible for detecting and preventing fraud. That is for those charged with management and those charged with governance to bear.
The objective of the auditor according to ISA 240 is to:
- identify and assess risks of material misstatement due to fraud;
- obtain sufficient appropriate audit evidence regarding assessed fraud risks;
- respond appropriately to identified or suspected fraud;
- maintain professional skepticism throughout the audit
However, the auditor is concerned with how fraud could affect the financial statements.
The auditor therefore focuses on two major categories of fraud:
- Fraudulent Financial Reporting; and
- Misappropriation of Assets
The auditor is however responsible for obtaining reasonable assurance that the financial statements as a whole are free from material misstatement whether caused by fraud or error.
The auditor is expected to maintain professional skepticism throughout the audit. What this means is, that the auditor doesn't automatically assume management is dishonest, but facts must be established before taking into account what the management said.
The engagement team should discuss how and where the financial statements might be susceptible to material misstatement due to fraud.
When fraud is suspected, the auditor should consider:
- who may be involved;
- whether management is involved;
- whether internal controls have failed;
- whether other transactions may also be affected;
- whether the financial statements are materially misstated;
-whether the matter should be communicated
The auditor must obtain written representation from management regarding:
- responsibility for designing controls to prevent and detect fraud;
- disclosure of known or suspected fraud;
- disclosure of allegations of fraud;
- completeness of information provided to the auditor.
If the auditor identifies fraud or suspected fraud, the matter should be communicated to the appropriate level of management and/or those charged with governance depending on the circumstances.
In some circumstances, the auditor may have a legal or regulatory obligation to report fraud or suspected fraud to an appropriate authority.
The auditor is expected to document matters relating to fraud in accordance with ISA 230.
The auditor may need to consider whether fraud has created or worsened going concern uncertainty, in line with ISA 570.
In summary:
The Auditor is responsible for detecting material misstatements due to fraud to the extent that reasonable assurance can be obtained, but it is not an absolute guarantor against all fraud.
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You wake up, work, scroll, sleep. Repeat. No stakes, no story, nothing to tell anyone about.
Here are 34 side quests to complete before October. Pick five. Actually do them.
@blkcw_@BarcaTimes@SamC_reports If ferran somehow end up there it is only because he scored the winning goal in world cup final nothing else which I also find foolish if he ends up there
Dear Messi,
I can take a retirement from international football, but you see that club football, I need you to continue for at least two more seasons. That 1000 goals, we must reach there by Godβs grace.
Yours sincerely,
Your Biggest Fan.