Audit Program Design

A Brief Synopsis of Your Responsibility In spot and Reporting Fraud Fraudulent fiscal reporting harms users by providing nonsensical financial statement information for their decision making. When assets be misappropriated, stockholders, creditors, and otherwises are harmed because assets are no longer available to their just owners (Arens, Elder, & Beasley, 2006). jibe to line of Accounting Standards (SAS) no 1, Codification of Auditing Standards and Procedures, the attendant has a righteousness to conception and dress the audited account to vex valid impudence about whether the financial statements are part with of sensible misstatement, whether caused by error or contrivance. Because of the nature of audit differentiate and the characteristics of fraud, the auditor is able to obtain reasonable, but non absolute, dominance that material misstatements are detected. The auditor has no responsibility to plan and perform the audit to obtain reasonable self-reliance that misstatements, whether caused by error or fraud, that are not material to the financial statements are detected (Farrell & Franco, 1999). In addition to SAS No. 1, Statement of Accounting Standards No.

82 states that the auditor has the responsibility to plan and perform an audit to obtain reasonable arrogance about whether financial statements are free of material misstatement. Auditors are required to do the following: Consider the presence of hazard of infection factorssuch as fraudulent financial reporting and the misappropriation of assets misstatements. Assess the risk of material misstatem ent due to fraudthis assessment may be perfo! rmed in conjunction with other risk assessment, for example with gibe or inherent risk. relegate an appropriate audit solutionin some pile the existing procedures are adequate to obtain reasonable assurance that the financial statements are free of material misstatements then an unconditioned opinion will be given. In other percentage auditors may extend...If you want to micturate a full essay, identify it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper