Syllabus B. Professional and Ethical Considerations B2. Fraud and Error

B2e. Audit Approach 5 / 5

Syllabus B2e)

Discuss the current and possible future role of auditors in preventing, detecting and reporting error and fraud.

Audit teams members should discuss the risk of fraud at planning stage

Further Procedures:

  1. Ask Management what their assessment of the risk is

  2. Ask Management what their processes are for identifying and dealing with these risks

  3. Ask Management how they communicate this process to staff

  4. Ask management if any actual or suspected fraud has occurred