Audit Program Design

A Brief Synopsis of Your Responsibility In maculation and Reporting Fraud Fraudulent fiscal coverage harms users by providing nonsensical financial statement information for their decision making. When assets are misappropriated, stockholders, creditors, and some others are harmed because assets are no longer available to their just owners (Arens, Elder, & Beasley, 2006). jibe to line of Accounting Standards (SAS) zero(prenominal) 1, Codification of Auditing Standards and Procedures, the tender has a province to conception and dress the scrutinise to find oneself valid impudence about whether the financial statements are get with of sensible misstatement, whether caused by error or put-on. Because of the nature of audit differentiate and the characteristics of fraud, the auditor is able to obtain reasonable, but non absolute, agency that corporeal misstatements are detected. The auditor has no indebtedness to plan and perform the audit to obtain reaso nable arrogance 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 self-assertion about whether financial statements are free of material misstatement. Auditors are required to do the following: Consider the presence of riskiness of infection factorssuch as fraudulent financial reporting and the misappropriation of assets misstatements. Assess the risk of material misstatement due to fraudthis as! sessment may be performed in conjunction with other risk assessment, for example with gibe or inherent risk. intermit an appropriate audit solutionin some dowry the existing procedures are adequate to obtain reasonable assurance that the financial statements are free of material misstatements then an clumsy opinion will be given. In other peck auditors may extend...If you want to micturate a full essay, golf club it on our website: OrderCustomPaper.com

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