It is the duty of auditor to detect all legal, illegal, direct and material facts having impact on the financial statements. All material fraud having affect on financial statement should be reported in his report. To indicate: The difference between the illegal acts that are “direct and material” and that are “material but indirect”. And five circumstances which indicate illegal acts.

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Answer 1

Question

Chapter 3, Problem 3.7RQ

To determine

Concept Introduction:

It is the duty of auditor to detect all legal, illegal, direct and material facts having impact on the financial statements. All material fraud having affect on financial statement should be reported in his report.

To indicate: The difference between the illegal acts that are “direct and material” and that are “material but indirect”. And five circumstances which indicate illegal acts.

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Answer 2

Question

Chapter 3, Problem 3.7RQ

To determine

Concept Introduction:

It is the duty of auditor to detect all legal, illegal, direct and material facts having impact on the financial statements. All material fraud having affect on financial statement should be reported in his report.

To indicate: The difference between the illegal acts that are “direct and material” and that are “material but indirect”. And five circumstances which indicate illegal acts.

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Answer 3

Question

Chapter 3, Problem 3.7RQ

To determine

Concept Introduction:

It is the duty of auditor to detect all legal, illegal, direct and material facts having impact on the financial statements. All material fraud having affect on financial statement should be reported in his report.

To indicate: The difference between the illegal acts that are “direct and material” and that are “material but indirect”. And five circumstances which indicate illegal acts.

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Answer 4

Question

Chapter 3, Problem 3.7RQ

To determine

Concept Introduction:

It is the duty of auditor to detect all legal, illegal, direct and material facts having impact on the financial statements. All material fraud having affect on financial statement should be reported in his report.

To indicate: The difference between the illegal acts that are “direct and material” and that are “material but indirect”. And five circumstances which indicate illegal acts.

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Answer 5

Chapter 3, Problem 3.7RQ

To determine

Concept Introduction:

It is the duty of auditor to detect all legal, illegal, direct and material facts having impact on the financial statements. All material fraud having affect on financial statement should be reported in his report.

To indicate: The difference between the illegal acts that are “direct and material” and that are “material but indirect”. And five circumstances which indicate illegal acts.

Answer 6

Chapter 3, Problem 3.7RQ

To determine

Concept Introduction:

It is the duty of auditor to detect all legal, illegal, direct and material facts having impact on the financial statements. All material fraud having affect on financial statement should be reported in his report.

To indicate: The difference between the illegal acts that are “direct and material” and that are “material but indirect”. And five circumstances which indicate illegal acts.

Answer 7

Chapter 3, Problem 3.7RQ

To determine

Concept Introduction:

It is the duty of auditor to detect all legal, illegal, direct and material facts having impact on the financial statements. All material fraud having affect on financial statement should be reported in his report.

To indicate: The difference between the illegal acts that are “direct and material” and that are “material but indirect”. And five circumstances which indicate illegal acts.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 3 - Prob. 3.1RQ Ch. 3 - Prob. 3.2RQ Ch. 3 - Prob. 3.3RQ Ch. 3 - Prob. 3.4RQ Ch. 3 - Prob. 3.5RQ Ch. 3 - Prob. 3.6RQ Ch. 3 - Prob. 3.7RQ Ch. 3 - Prob. 3.8RQ Ch. 3 - Prob. 3.9RQ Ch. 3 - Prob. 3.10RQ

Solution Summary: The author explains the auditor's duty to detect all legal, illegal, direct and material facts having impact on the financial statements.

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Chapter 3 Solutions