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Fraudulent financial reporting
Involves intentional misstatements or errors of amounts or disclosures in financial statements to mislead financial statement users. Fraudulent financial reporting might entail the following:
(1) Deception like manipulation, falsification, or modification of accounting records or supporting documents from which the financial statements are set.(2) Mis-representation in, or intentional error from, the financial statements of events, transactions or other important information.(3) Intentional misapplication of accounting principles associating to measurement, presentation, recognition, categorization, or disclosure. The differentiating factor among fraud and error is whether the underlying action which results in the mis-statement in the financial statements is planned or unintentional. Dissimilar error, fraud is intentional and generally includes deliberate concealment of the facts. Whereas the auditor might be able to recognize potential opportunities for fraud to be committed, it is hard, when not impossible, for the auditor to establish intent, mainly in matters including management judgment, like accounting estimates and the suitable application of accounting principles.
Concept of Audit Evidence The auditing is an evidence gathering exercise. It is an exercise continued out to confirm the assertions made through the management in carrying ou
Financial Instruments - IAS 32 and IAS 39 IAS 39 and IAS 32 are examinable to the extent such they deal along with the presentation and measurement of equity, debt or else con
Current Audit File The current audit file may involve inter alia: a) A copy of the audited financial statements and other report prepared such as a conclusion of audit work
Investment - Audit Process The investment is held for wealth generation that as interest and dividends on shares and capital growth and loan notice. Recent investments are re
Reference to an expert in auditor’s report When issuing an unmodified auditor’s report, the auditor must not refer to the work of the expert. This is because such a reference m
please verify txns
What document usually forms the basis of the audit team briefing?
Pension Funds Pension funds are set up by companies or other organizations: (a) To administer the pension payable to retired employees and (b) Ensure that funds are available
Going Concern Considerations - Audit Process IAS 1 Presentation of Financial Statements knows the going related assumption as one of the fundamental assumptions that underlie
Standard Defines Development and Research The standard defines development and research as follows: (a) Research - planned and original investigation undertaken along with
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