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    The Responsibility For The Detection and Prevention of Errors, Fraud and Noncompliance With Laws and Regulations Rests With A. Auditor

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    accounts 3 life
    The three key responsibilities outlined in the document are: 1. An audit provides reasonable assurance of detecting material misstatements, not absolute or negative assurance. 2. Client management is responsible for preventing and detecting errors, fraud, and noncompliance with laws and regulations, not the auditor or internal auditor. 3. Client management is responsible for adopting sound accounting policies, maintaining adequate internal controls, and fair financial statement representation, not the auditor or internal audit department.

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    The Responsibility For The Detection and Prevention of Errors, Fraud and Noncompliance With Laws and Regulations Rests With A. Auditor

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    accounts 3 life
    2K views2 pages
    The three key responsibilities outlined in the document are: 1. An audit provides reasonable assurance of detecting material misstatements, not absolute or negative assurance. 2. Client management is responsible for preventing and detecting errors, fraud, and noncompliance with laws and regulations, not the auditor or internal auditor. 3. Client management is responsible for adopting sound accounting policies, maintaining adequate internal controls, and fair financial statement representation, not the auditor or internal audit department.

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    The three key responsibilities outlined in the document are: 1. An audit provides reasonable assurance of detecting material misstatements, not absolute or negative assurance. 2. Client management is responsible for preventing and detecting errors, fraud, and noncompliance with laws and regulations, not the auditor or internal auditor. 3. Client management is responsible for adopting sound accounting policies, maintaining adequate internal controls, and fair financial statement representation, not the auditor or internal audit department.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    2K views2 pages

    The Responsibility For The Detection and Prevention of Errors, Fraud and Noncompliance With Laws and Regulations Rests With A. Auditor

    Uploaded by

    accounts 3 life
    The three key responsibilities outlined in the document are: 1. An audit provides reasonable assurance of detecting material misstatements, not absolute or negative assurance. 2. Client management is responsible for preventing and detecting errors, fraud, and noncompliance with laws and regulations, not the auditor or internal auditor. 3. Client management is responsible for adopting sound accounting policies, maintaining adequate internal controls, and fair financial statement representation, not the auditor or internal audit department.

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    © All Rights Reserved
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    of 2

    4.

    The level of assurance provided by an audit of detecting a material misstatement is


    referred to as: a. Reasonable assurance. b. Moderate assurance. c. Absolute
    assurance d. Negative assurance.
    5.
    The responsibility for the detection and prevention of errors, fraud and
    noncompliance with laws and regulations rests with a. auditor
    c. client management b. client's legal counsel d. internal auditor
    6.
    The responsibility for adopting sound accounting policies, maintaining adequate internal
    control, and making fair representation in the financial statement rests a. With the
    management. b. With the independent auditor. C. Equally with management and the
    auditor. d. With the internal audit department.
    10.
    7.
    a.

    The management responsibility to detect and prevent fraud and error is accomplished
    by
    Implementing adequate quality control system. b.
    Having an annual audit of financial statements. Implementing adequate accounting and
    internal control
    system. d. Issuing a representation letter to the auditor.
    C.
    8.
    Which of the following statements best describes the auditor's responsibility
    regarding the detection of material errors and frauds? a. The auditor is
    responsible for the failure to detect material
    errors an frauds only when such failure results from the misapplication of PSA. The
    audit should be designed to provide reasonable assurance that material errors and
    frauds will be detected.
    86

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