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Hiding a significant bank account

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Imagine you are an auditor and accidentally discover that one of your clients has been hiding a significant bank account in the amount of $500,000. This account was not disclosed by the client and you had no knowledge of its existence at the time you completed the annual audit. You confronted the owner when you discovered the account, and he stated the account was created by the previous owners, through unrecorded orders, and that he (the current owner) did not take any part in creating this account; however, the new owner did not disclose the account to you. As the auditor, how would you perceive this information, and what would you do?

Reference no: EM13892685

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