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Detecting And Reporting The Frauds And Errors By The Auditor

  • Ovidiu Constantin Bunget

    (West University of Timisoara)

  • Alin Constantin Dumitrescu

    (West University of Timisoara)

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    Responsibility for preventing and detecting fraud rest with management entities.Although the auditor is not and cannot be held responsible for preventing fraud and errors, in yourwork, he can have a positive role in preventing fraud and errors by deterring their occurrence. Theauditor should plan and perform the audit with an attitude of professional skepticism, recognizingthat condition or events may be found that indicate that fraud or error may exist.Based on the audit risk assessment, auditor should develop programs to audit procedures by whichto obtain reasonable assurance that the financial statements in their entirety, all significant errorsand fraud have been identified. It is expected that the auditor to implement procedures that willlead to the discovery of errors or fraud without significant impact on the financial statements cannot be held responsible for undetected such irregularities.The auditor should communicate with the management of his client. He should ask the managementinformation concerning any significant fraud or error has been detected in order to detect keyproblems that could lead to certain activities, the implementation of audit procedures more thanusual However the auditor faces the risk inevitable that some significant errors to be detected, evenif the audit is planned and done properly.

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    Article provided by Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia in its journal Annales Universitatis Apulensis Series Oeconomica.

    Volume (Year): 1 (2009)
    Issue (Month): 11 ()
    Pages: 11

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    Handle: RePEc:alu:journl:v:1:y:2009:i:11:p:11
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