Audit Program Design

A Brief Synopsis of Your Responsibility In spying and Reporting Fraud Fraudulent fiscal describe harms users by providing nonsensical financial statement information for their decision making. When assets ar misappropriated, stockholders, creditors, and separates ar harmed because assets are no longer available to their rightful(prenominal) owners (Arens, Elder, & Beasley, 2006). jibe to line of Accounting Standards (SAS) no 1, Codification of Auditing Standards and Procedures, the tender has a obligation to conception and dress the examine to induce valid impudence about whether the financial statements are deduct with of sensible misstatement, whether caused by error or travesty. Because of the nature of audit differentiate and the characteristics of fraud, the auditor is able to obtain reasonable, but non absolute, impudence that framework misstatements are detected. The auditor has no tariff to plan and perform the audit to obtain reasonable autho risation 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 boldness about whether financial statements are free of material misstatement. Auditors are required to do the following: Consider the presence of try of infection factorssuch as fraudulent financial reporting and the misappropriation of assets misstatements. Assess the risk of material misstatement due to fraudthis assessment may be performed in conjunction with other risk assessment, for example with gibe or inherent risk. break away an appropriate audit solutionin some band the existing procedures are adequate to obtain reasonable assurance that the financial statements are free of material misstatements then an unentitled opinion will be given. In other set auditors may extend...If you wan! t to micturate a full essay, order of battle it on our website: OrderCustomPaper.com

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