BUS 426 Lecture Notes - Financial Audit, Audit Evidence, Audit Risk

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There are audit standards from several sources that set out the auditor"s responsibilities for errors, irregularities and illegal acts. Cica handbook lists a number of rigorous auditing standards. These include standards concerning: misstatements cas 240 (sect. 5135: misstatements due to illegal acts by clients cas 250 (sect, auditing accounting estimates cas 540 (sect. 5305: communication with those having responsibility for financial. 5136) reporting cas 240 & cas 260 (sect. 5135 & 5751: communication of matters identified during the financial statement audit various sections of cas (sect. Auditor"s responsibility to consider fraud and error in audit of. Since enron, standards have been revised and require the auditor to make enquiries of management about fraud and to consider fraud risk factors on every audit engagement. The traditional assumption on management"s honesty was removed. Cas 240. 04 the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

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