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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.
QUESTION: (a) The auditor should get relevant and reliable audit evidence sufficient to enable him to draw reasonable conclusions therefrom: (i) What do you understand by
Question: Part A (i) List and define five audit procedures for obtaining audit evidence. (ii) Why is it necessary to obtain corroborating evidence for inquiry and obser
Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.
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An auditor is conducting an audit of the financial statements of a wholesale cosmetics distributor with an inventory consisting of thousands of individual items. The distributor ke
oversee commission staff to ensure individuals are properly trained and monitored probable risks, controls and audit tests
Procedures When Fraud is suspected Whenever the auditor encounters situation that might indicate that there is a material mis-statement in the financial statements resultant fr
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Indications of inapplicability of Going Concern Unfortunately, Insolvency is a development industry as the economy suffers a down turn and consequently for a majority of enter
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