Class Notes (839,590)
Canada (511,419)
Management (767)
MGT321H5 (16)

lec 7

5 Pages

Course Code
Schneider, M

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CLASS SEVEN SUMMARY CAS 240: Auditors Responsibilities with Fraud Fraud The CAS requires the auditor to: o Properly identify fraud risk factors o Assess fraud risk accordingly o Design audit procedures to mitigate these risks Characteristics of Fraud o Misstatements are intentional vs. unintentional. o We are concerned with material fraud o Two types of misstatements: Fraudulent financial reporting Misappropriation of assets Requirements to Avoid Fraud o Professional scepticism should be practiced o The engagement team should discuss where fraud may be possible o Inquires should be made to determine if any fraud has taken place or has been suspected. o Identify any unusual or unexpected relationships between accounts (not people). o Evaluate fraud risk factors: IncentivesPressures Financial stability is threatened by economic factors Meeting covenant expectations Covenants
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