Explain the way in which the auditors will respond to the risks of material misstatement due to fraud in the financial misstatements.

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Answer 1

Question

Chapter 6, Problem 31QRA

a.

To determine

Explain the way in which the auditors will respond to the risks of material misstatement due to fraud in the financial misstatements.

b.

To determine

Describe the auditor’s communication responsibilities under the situation where the auditors have identified the occurrence of fraud.

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John was a civil servant with the Trinidad & Tobago (T&T) Government for over 30 years and retired 5 years ago. He is in receipt of a monthly pension. John also received a lump sum on retirement and invested part of this in a small retail business in downtown San Fernando. He retails designer clothing and perfumes and manages to make a modest profit, after deduction of business expenses. John invested the remainder of his pension lump sum in the Unit Trust Corporation of Trinidad and Tobago and is in receipt of monthly dividends. John receives a monthly pension of $6,000. The retail business has a financial year- end of 31 December and in the fiscal year 2011 he made a taxable profit of $100,000. In the fiscal year 2011 in T&T there is a personal allowance of $60,000 and the rate of Income tax is 25%. John no longer qualifies for any of the other deductions available to individuals and receives his pension after deduction of tax under the P.A.Y.E. system. In 2011, John…

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Answer 2

Question

Chapter 6, Problem 31QRA

a.

To determine

Explain the way in which the auditors will respond to the risks of material misstatement due to fraud in the financial misstatements.

b.

To determine

Describe the auditor’s communication responsibilities under the situation where the auditors have identified the occurrence of fraud.

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Answer 3

Question

Chapter 6, Problem 31QRA

a.

To determine

Explain the way in which the auditors will respond to the risks of material misstatement due to fraud in the financial misstatements.

b.

To determine

Describe the auditor’s communication responsibilities under the situation where the auditors have identified the occurrence of fraud.

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Answer 4

Question

Chapter 6, Problem 31QRA

a.

To determine

Explain the way in which the auditors will respond to the risks of material misstatement due to fraud in the financial misstatements.

b.

To determine

Describe the auditor’s communication responsibilities under the situation where the auditors have identified the occurrence of fraud.

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Answer 5

Chapter 6, Problem 31QRA

a.

To determine

Explain the way in which the auditors will respond to the risks of material misstatement due to fraud in the financial misstatements.

b.

To determine

Describe the auditor’s communication responsibilities under the situation where the auditors have identified the occurrence of fraud.

Answer 6

Chapter 6, Problem 31QRA

a.

To determine

Explain the way in which the auditors will respond to the risks of material misstatement due to fraud in the financial misstatements.

Answer 7

Chapter 6, Problem 31QRA

a.

To determine

Explain the way in which the auditors will respond to the risks of material misstatement due to fraud in the financial misstatements.

Answer 8

b.

To determine

Describe the auditor’s communication responsibilities under the situation where the auditors have identified the occurrence of fraud.

Answer 9

b.

To determine

Describe the auditor’s communication responsibilities under the situation where the auditors have identified the occurrence of fraud.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 6 - Prob. 1RQ Ch. 6 - Prob. 2RQ Ch. 6 - Prob. 3RQ Ch. 6 - Discuss what is meant by the phrase shopping for...Ch. 6 - Prob. 5RQ Ch. 6 - Prob. 6RQ Ch. 6 - Prob. 7RQ Ch. 6 - Prob. 8RQ Ch. 6 - Prob. 9RQ Ch. 6 - Prob. 10RQ

Explain the way in which the auditors will respond to the risks of material misstatement due to fraud in the financial misstatements.

Solution Summary: The author explains the auditor's response to the risks of material misstatement due to fraud in the financial statements.

Explain the way in which the auditors will respond to the risks of material misstatement due to fraud in the financial misstatements.

Describe the auditor’s communication responsibilities under the situation where the auditors have identified the occurrence of fraud.

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