Compose a 1500 words assignment on the responsibility of the auditor for fraud and error. Needs to be plagiarism free!

This paper discusses the auditor’s responsibility for fraud and error. It studies the link between the objectives of external audit to this responsibility. It draws on relevant auditing standards that provide guidance on the responsibility of the auditor for fraud and error in the financial statements. It also discusses the responsibilities of the business entities’ board of directors and management. Lastly, it provides some discussions on the higher – profiled fraud cases in the past and the effect on the auditing profession of these high – profiled cases.

The Glossary to the International Standards on Auditing or ISA (p. 19, IFAC, 2010) officially defines fraud as “an intentional act”, committed by a certain individual or certain individuals by using deception “to obtain an unjust or illegal advantage” that inevitably leads to the misstatement of the financial statements. Error, on the other hand, is defined as an “unintentional misstatement in financial statements” which may include omitting a certain amount or a certain disclosure (p.

Don't use plagiarized sources. Get Your Custom Essay on
Compose a 1500 words assignment on the responsibility of the auditor for fraud and error. Needs to be plagiarism free!
Just from $13/Page
Order Essay

18, IFAC, 2010). Both fraud and error may lead to financial statements misstatements. Both of them may lead to restatements misstated financial statements. However, what sets the two apart is whether the financial statements misstatement is deliberate or not, with fraud considered more serious (and illegal) than error.Financial statements fraud is done due to a variety of reasons. Some of the reasons may include trying to obtain new credit or more investments. “creating favorable stock value”. trying to conceal an inability to improve the performance of the company. increasing management or the board compensation by showing higher earnings. “obtaining a promotion…within the company” and “hiding improper business transactions” (p.

58, Rezaee and Riley, 2010).&nbsp.

Calculate your order
Pages (275 words)
Standard price: $0.00
Client Reviews
4.9
Sitejabber
4.6
Trustpilot
4.8
Our Guarantees
100% Confidentiality
Information about customers is confidential and never disclosed to third parties.
Original Writing
We complete all papers from scratch. You can get a plagiarism report.
Timely Delivery
No missed deadlines – 97% of assignments are completed in time.
Money Back
If you're confident that a writer didn't follow your order details, ask for a refund.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
$0.00
Power up Your Academic Success with the
Team of Professionals. We’ve Got Your Back.
Power up Your Study Success with Experts We’ve Got Your Back.
error: Content is protected !!
Live Chat+1(978) 822-0999EmailWhatsApp

Order your essay today and save 20% with the discount code GOODESSAY