Is an auditor responsible for detecting fraud

Assignment Help Accounting Basics
Reference no: EM13912186

1. The challenge with internal controls is that it is not always the line staff that break the controls. Most often, the person committing fraud is a manager responsible for the internal controls - someone with the authority to override the whole system. In this case, how do ensure that internal controls are in place? Also, do the new rules state that the auditor has to look for fraud?

Respond to following:

2. Is an auditor responsible for detecting fraud, or just making sure that the financial statements don't have material misstatements and conform to GAAP?

3.. What does an auditor test for in their procedures - and can these truly find fraud?

4. What is the best audit opinion to have - qualified or unqualified or going concern?

5. If you were on the audit committee, what do you really think you've learned from the auditors communication?

Reference no: EM13912186

Questions Cloud

Estimate of the total contribution margin : Iacopi Corporation is a wholesaler that sells a single product. Management has provided the following cost data for two levels of monthly sales volume. The company sells the product for $172.50 per unit. The best estimate of the total contribution..
Is an auditor responsible for detecting fraud : Is an auditor responsible for detecting fraud, or just making sure that the financial statements don't have material misstatements and conform to GAAP?
Please discuss the importance and significance : Please discuss the importance and significance of time value of money? It is a Fin320 question, please answer about 200-250 words.
Question regarding the qualitative risk analysis : Provide a qualitative risk analysis (i.e., what are the hazard severity and hazard probability classifications, along with what would your conclusion be) for an operation that occurs once a month with the probability of an explosion occurring 30% ..
Is an auditor responsible for detecting fraud : Is an auditor responsible for detecting fraud, or just making sure that the financial statements don't have material misstatements and conform to GAAP?
Illustrate the impact of the bumper harvest : Using the same model, explain and illustrate the impact of the bumper harvest on the wheat market. Clearly explain the equilibrating process.
Define nonoverlapping classes for a frequency distribution : Define the nonoverlapping classes for a frequency distribution. Tally the number of ratings in each class and develop a frequency distribution.
Ph of the acid solution : A 50.00 mL solution of 0.0350 M hypochlorous acid (ka = 3.5 x 10^-5) is titrated with a 0.0105 M solution of NaOH as the titrant. What is the pH of the acid solution after 15.00 mL of titrant have been added?
What would be the highest expected payoff : Consider the following payoff table that represents the profits earned for each alternative (A, B, and C) under the states of nature S1, S2, and S3. Using the maximin criterion, what would be the highest expected payoff

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd