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Deterrence, Detection, and Investigation of Economic Fraud and Auditor’s Responsibilities Relating to Audit of Financial Statements According to International Standards

In: Advances in Applied Economic Research

Author

Listed:
  • John Velentzas

    (Western Macedonia University of Applied Sciences)

  • Georgia Broni

    (Western Macedonia University of Applied Sciences)

  • Nick Kartalis

    (TEI Western Macedonia)

Abstract

Fraud is an intentional act that results in a material misstatement in financial statements that are the subject of an audit. The risk of material misstatement refers to the risk that the financial statements are materially misstated and do not present true and fair view. Material misstatements relate to the information included in the financial statements. Material misstatements are such omissions and misstatements of financial information included in the financial statements that can affect the economic decisions of the users of financial statements. In an audit of financial statements, detection risk is the risk that the procedures performed by the auditor will not detect a misstatement that exists and that could be material, individually or in combination with other misstatements.

Suggested Citation

  • John Velentzas & Georgia Broni & Nick Kartalis, 2017. "Deterrence, Detection, and Investigation of Economic Fraud and Auditor’s Responsibilities Relating to Audit of Financial Statements According to International Standards," Springer Proceedings in Business and Economics, in: Nicholas Tsounis & Aspasia Vlachvei (ed.), Advances in Applied Economic Research, chapter 0, pages 719-742, Springer.
  • Handle: RePEc:spr:prbchp:978-3-319-48454-9_49
    DOI: 10.1007/978-3-319-48454-9_49
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    Keywords

    Fraud; Auditing;

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