ACC311 - Fundamentals of Auditing
Question(s) similar to the following:
Which one of the following situations can constitute grounds for a claim of negligence on part of the auditors to detect a fraud?
Question 1: Which one of the following situations can constitute grounds for a claim of negligence on part of the auditors to detect a fraud?
The fraud was committed by a senior management override of internal controls which had been relied upon in reducing the extent of detailed testing
The auditor relied on sample evidence and thus failed to detect the fraudulent transactions
The auditor reported discrepancies to local management but did not investigate further as the likely impact on the accounts was not material
The auditor accepted local management representations as to discrepancies as the potential impact of the fraud was not material to the accounts as a whole
Similar Questions:
Question 2: Which one of the following situations can constitute grounds for a claim of negligence on part of the auditors to detect a fraud?
The fraud was committed by a senior management override of internal controls which had been relied upon in reducing the extent of detailed testing
The auditor relied on sample evidence and thus failed to detect the fraudulent transactions
The auditor reported discrepancies to local management but did not investigate further as the likely impact on the accounts was not material
The auditor accepted local management representations as to discrepancies as the potential impact of the fraud was not material to the accounts as a whole
Quizzes of ACC311 - Fundamentals of Auditing
Question 1: Which one of the following situations can constitute grounds for a claim of negligence on part of the auditors to detect a fraud?
The fraud was committed by a senior management override of internal controls which had been relied upon in reducing the extent of detailed testing
The auditor relied on sample evidence and thus failed to detect the fraudulent transactions
The auditor reported discrepancies to local management but did not investigate further as the likely impact on the accounts was not material
The auditor accepted local management representations as to discrepancies as the potential impact of the fraud was not material to the accounts as a whole
Similar Questions:
Question 2: Which one of the following situations can constitute grounds for a claim of negligence on part of the auditors to detect a fraud?
The fraud was committed by a senior management override of internal controls which had been relied upon in reducing the extent of detailed testing
The auditor relied on sample evidence and thus failed to detect the fraudulent transactions
The auditor reported discrepancies to local management but did not investigate further as the likely impact on the accounts was not material
The auditor accepted local management representations as to discrepancies as the potential impact of the fraud was not material to the accounts as a whole
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