Forensic Accounting: Procedure
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1. Assume that you are an auditor and as part of your routine audit, you discover a fraud being committed by the accounts receivables manager. The fraud is large enough to have a material impact on the financial statements. How does this finding affect the rest of your audit?
2. Do client departures from GAAP require the auditor to issue a qualified report? Explain.
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1. Assume that you are an auditor and as part of your routine audit, you discover a fraud being committed by the accounts receivables manager. The fraud is large enough to have a material impact on the financial statements. How does this finding affect the rest of your audit?
It is the duty of the auditor to detect and report the material misstatements due to fraud. This has been mandated by SAS No. 82. This appears to a fraud arising from misappropriation of assets by the accounts receivables manager. SAS 82 requires the auditor to continuously modify his plan during the audit on the basis of information gathered concerning these factors. The auditor is required to consider forty-one risk ...
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