Question one
According to GAAS, what are the auditor’s responsibilities for detecting fraud? In accordance with the GAAS, an auditor who is conducting an audit of financial statements is responsible for gathering evidence to obtain a reasonable assurance that the financial statements prepared are free from any material misstatements that can be caused by error or fraud(Omoteso&Obalola, 2014). The auditor can only obtain reasonable assurance and not absolute assurance due to the nature of audit evidence given and gathered. Another possible reason is the nature of fraud. The auditor is required to understand the implications of different risks factors Continue reading...
