CASEtoability ofcopy of 'A Practical Manual for Auditors' handbook that has been used by the frm snce1990. Mr Mika proudly claims that this is the main reference handbook for auditing. Youopen the handbook and read the following statement on page 15:inancialthe detection of fraud, all errors and unlawful acts committed by the audit client isthe responsibility of an auditor.nancialBased on your audit knowledge, this does not appear to be the current practice as stipulatedunder ISA 240 – The Auditor's Responsibilities Relating to Fraud in an Audit of FinancialStatements. You are aware that auditing is conducted in accordance with professionalstandards, and an auditor is responsible for obtaining reasonable assurance that thefinancial statements are free from material misstatements, whether caused by error orassessfraud.Write a memo to Mr Mika discussing the audit objectives and an auditor's responsibilitiesin detecting fraud as stipulated under ISA 240.

Auditor's objectives regarding Fraud in an audit of financial statements : The primary objective of…

Answered: Write a memo to Mr Mika discussing the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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CASE
to
ability of
copy of 'A Practical Manual for Auditors' handbook that has been used by the frm snce
1990. Mr Mika proudly claims that this is the main reference handbook for auditing. You
open the handbook and read the following statement on page 15:
inancial
the detection of fraud, all errors and unlawful acts committed by the audit client is
the responsibility of an auditor.
nancial
Based on your audit knowledge, this does not appear to be the current practice as stipulated
under ISA 240 – The Auditor's Responsibilities Relating to Fraud in an Audit of Financial
Statements. You are aware that auditing is conducted in accordance with professional
standards, and an auditor is responsible for obtaining reasonable assurance that the
financial statements are free from material misstatements, whether caused by error or
assess
fraud.
Write a memo to Mr Mika discussing the audit objectives and an auditor's responsibilities
in detecting fraud as stipulated under ISA 240.

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