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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.
Audit Procedures - Intangible Assets The auditor's process as far as goodwill is relating would involve as: a) Vouching for details as per the buy agreement of the values
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It is a compulsory audit Completed by a CA. Finance Audit conduct by the CA to compliance the legal requirements of monitory issues.
Types of Transaction - Related Party Fundamentally two types of transactions which arise between a related party and a company as: A. It is usual for members of a collectio
Auditors Procedures - Disclosure and Presentation 1) Ascertain that what steps the client uses to identify suppliers, selling on terms that reserve title by enquiry of those c
Communications to Regulatory and Enforcement Authorities The auditor’s professional responsibility to sustain the confidentiality of client information ordinarily prevents repo
Statutory Audit is a mandatory audit done by a CA. Finance Audit is conducted by the CA to compliance the legal supplies of monitory issues. If the audit for a business or an orga
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