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

[Solved] 2) Discuss how auditors can identify symptoms of fraud existence, what are the most appropriate detection techniques o

  100% Pass and No Plagiarism Guaranteed

[Solved] 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;

Here you are supposed to discuss the concept of financial statements fraud, and discuss how auditors can identify symptoms of existing fraud also list the most appropraite fraud detection techniques. Moreover, evaluate the impact of fraud on the audited financial statements and the responsibility of auditors on fraud detection.   

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] 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;
  • Price: £ 89
  • Post Date: 2021-09-30T05:44:27+00:00
  • Category: Academic Papers
  • No Plagiarism Guarantee
  • 100% Custom Written

Customer Reviews

[Solved] 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; [Solved] 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;
Reviews: 5

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

Writing is not my field. I take help from this website for my accounting assignment. The work is good and I scored good grades in it. Thank you from the bottom of my heart.
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.