Fraud (4)

Question 1

What happens if auditor identifies fraud or receives information that a fraud may exist?

Answer 1

Auditor shall report this on a timely basis to appropriate level of management

Question 2

What should be communicated on a timely basis to those charged with governance?

Answer 2

Auditor identifies or suspects fraud involving management, employees with significant roles in internal control

Question 3

What must auditor consider?

Answer 3

Whether there is a responsibility to report to the regulatory or enforcement authorities

Question 4

What could happen to the auditor’s professional duty of confidentiality?

Answer 4

It may be overriden by laws and statutes in certain jurisdictions