The work has not been graded but I like the output that was submitted to me. Is it possible for the same prof to do the next assignment I will be submitting? If possible, I will greatly appreciate it.
Compose a 1500 words assignment on the responsibility of the auditor for fraud and error. Needs to be plagiarism free!
This paper discusses the auditor’s responsibility for fraud and error. It studies the link between the objectives of external audit to this responsibility. It draws on relevant auditing standards that provide guidance on the responsibility of the auditor for fraud and error in the financial statements. It also discusses the responsibilities of the business entities’ board of directors and management. Lastly, it provides some discussions on the higher – profiled fraud cases in the past and the effect on the auditing profession of these high – profiled cases.
The Glossary to the International Standards on Auditing or ISA (p. 19, IFAC, 2010) officially defines fraud as “an intentional act”, committed by a certain individual or certain individuals by using deception “to obtain an unjust or illegal advantage” that inevitably leads to the misstatement of the financial statements. Error, on the other hand, is defined as an “unintentional misstatement in financial statements” which may include omitting a certain amount or a certain disclosure (p.
18, IFAC, 2010). Both fraud and error may lead to financial statements misstatements. Both of them may lead to restatements misstated financial statements. However, what sets the two apart is whether the financial statements misstatement is deliberate or not, with fraud considered more serious (and illegal) than error.Financial statements fraud is done due to a variety of reasons. Some of the reasons may include trying to obtain new credit or more investments. “creating favorable stock value”. trying to conceal an inability to improve the performance of the company. increasing management or the board compensation by showing higher earnings. “obtaining a promotion…within the company” and “hiding improper business transactions” (p.
58, Rezaee and Riley, 2010). .
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more