We're Open
+44 7340 9595 39
+44 20 3239 6980

[Solved] 1) Briefly discuss the concept of financial statements fraud, and the auditors’ legal and professional responsibilit

  100% Pass and No Plagiarism Guaranteed

[Solved] 1) Briefly discuss the concept of financial statements fraud, and the auditors’ legal and professional responsibility;

In this coursework assignment, you are asked to briefly discuss the concept of financial statement fraud and the auditor’s legal and professional responsibility, and methods used by auditors to identify symptoms of fraud existence, relevant detection techniques of their assessment process and in which situations they have difficulty in detecting existing fraud. Moreover, evaluate the actions by auditors on fraud detection and fraud impact on audited financial statement in reference to auditing literature and professional standard.

 

 

Coursework Assignment

 

 

 

Task details

and

instructions:

(a) Introduction

 

The international and the UK auditing standards recognise that auditors are responsible for obtaining reasonable assurance that financial statements should be free from material misstatements (MM). However, due to inherent limitations of an audit, some MM may not be detected (e.g. fraud).

 

There have been some big international fraud and audit failures. For example, the 2001 Enron scandal, eventually led to the liquidation of the Enron Corporation, an American energy company, and the de-facto dissolution of Arthur Andersen, which was one of the Big Five largest international audit and accountancy firms. Within the current UK context, it has been stated that: “Fraud is on the up and dominated by low-value cases, suggesting individuals are stealing less significant amounts of money in an attempt to avoid detection. The fact employee fraud has more than doubled in comparison to previous years is also concerning. It’s a stark warning that business leaders need to be observant when it comes to keeping an eye on potential fraudulent activity in their organisations and highlights the importance of implementing appropriate fraud prevention measures. Only by doing so will management teams be able to effectively mitigate risk and protect their business (S. Smith, Senior Manager, KPMG/UK, 2017).”

 

 

 

(b)Requirements:

 

By referencing to auditing literature and professional standards, you are required to:

1)    Briefly discuss the concept of financial statements fraud, and the auditors’ legal and professional responsibility;

2)    Discuss how auditors can identify symptoms of fraud existence, what are the most appropriate detection techniques of their assessment process; and in which situations they may have difficulty in detecting existing fraud activities;

3)    Evaluate the responsibility of, and actions by auditors when they detect fraud;

4)    Critically evaluate the fraud impact on audited financial statements.

 

 

 

 


100% Plagiarism Free & Custom Written,
Tailored to your instructions


International House, 12 Constance Street, London, United Kingdom,
E16 2DQ

UK Registered Company # 11483120


100% Pass Guarantee

STILL NOT CONVINCED?

View our samples written by our professional writers to let you comprehend how your work is going to look like. We have categorised this into 3 categories with a few different subject domains

View Our Samples

We offer a £ 2999

If your assignment is plagiarised, we will give you £ 2999 in compensation

Recent Updates

Details

  • Title: [Solved] 1) Briefly discuss the concept of financial statements fraud, and the auditors’ legal and professional responsibility;
  • Price: £ 89
  • Post Date: 2021-09-30T05:44:41+00:00
  • Category: Academic Papers
  • No Plagiarism Guarantee
  • 100% Custom Written

Customer Reviews

[Solved] 1)    Briefly discuss the concept of financial statements fraud, and the auditors’ legal and professional responsibility; [Solved] 1) Briefly discuss the concept of financial statements fraud, and the auditors’ legal and professional responsibility;
Reviews: 5

A masterpiece of assignment by , written on 2020-03-12

I have tried other sites for assignment help but the result that Insta Research has produced outweighs others. Since I am weak at writing and shaping the data logically, I am glad I took help from this site. Thanks to my writer for such a great quality of the assignment in Business.
Reviews: 5

A masterpiece of assignment by , written on 2020-03-12

I received my order last night and now I’m writing my reviews. My assignment has all the points I needed along with a good style. The citations used are relatable and professional. The best thing is the discount I got because I recommended my friend too to use their service. I am so pleased to use this effective service. The features are also amazing, everything is good. Will come again soon!