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Detecting And Reporting The Frauds And Errors By The Auditor

Author

Listed:
  • Ovidiu Constantin Bunget
  • Alin Constantin Dumitrescu
Abstract
Responsibility for preventing and detecting fraud rest with management entities. Although the auditor is not and cannot be held responsible for preventing fraud and errors, in your work, he can have a positive role in preventing fraud and errors by deterring their occurrence. The auditor should plan and perform the audit with an attitude of professional skepticism, recognizing that condition or events may be found that indicate that fraud or error may exist. Based on the audit risk assessment, auditor should develop programs to audit procedures by which to obtain reasonable assurance that the financial statements in their entirety, all significant errors and fraud have been identified. It is expected that the auditor to implement procedures that will lead to the discovery of errors or fraud without significant impact on the financial statements can not be held responsible for undetected such irregularities. The auditor should communicate with the management of his client. He should ask the management information concerning any significant fraud or error has been detected in order to detect key problems that could lead to certain activities, the implementation of audit procedures more than usual However the auditor faces the risk inevitable that some significant errors to be detected, even if the audit is planned and done properly.

Suggested Citation

  • Ovidiu Constantin Bunget & Alin Constantin Dumitrescu, 2009. "Detecting And Reporting The Frauds And Errors By The Auditor," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(11), pages 1-11.
    • Handle: RePEc:alu:journl:v:1:y:2009:i:11:p:11
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    File URL: http://oeconomica.uab.ro/upload/lucrari/1120091/11.pdf
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    Citations

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    Cited by:

    1. Mazlina Mustapha & Soh Jin Lai, 2017. "Information Technology in Audit Processes: An Empirical Evidence from Malaysian Audit Firms," International Review of Management and Marketing, Econjournals, vol. 7(2), pages 53-59.
    2. Laura-Andreea Iamandache (Florea), 2022. "Reporting on Errors and Fraud in Financial Audit Missions," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 863-868, Decembrie.
    3. Shathurshna Rathakrishnan & Thirunavukkarasu Baskar, 2024. "Fortifying Financial Integrity: Insights into Fraud Detection and Prevention Strategies Across Various Financial Companies in Sri Lanka from the Perspectives of Accountants and Internal Auditors in an," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(6), pages 2168-2181, June.
    4. Riana Iren Radu & Alexandra Basa & Andrei-Mirel Florea, 2024. "The Techniques and Skills Needed by the Forensic Accounting Expert to Identify Fraud Attempts in Romania," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 2, pages 62-70.
    5. IONESCU, Luminița, 2017. "Errors And Fraud In Accounting. The Role Of External Audit In Fighting Corruption," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 17(4), pages 29-36.

    More about this item

    Keywords

    fraud; error; tests; audit;
    All these keywords.

    JEL classification:

    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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