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During the audit of financial statements, an auditor discovers that the financial statements might be materially misstated due to the existence of fraud. Describe (1)
During the audit of financial statements, an auditor discovers that the financial statements might be materially misstated due to the existence of fraud. Describe (1) the auditors responsibility according to SAS No. 99 (AU 316) for discovering financial statement fraud; (2) what the auditor should do if he or she is precluded from applying necessary audit procedures to discover the suspected fraud; and (3) what the auditor should do if he or she finds that the fraud materially affects the integrity of the financial statements.
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