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External audit

This topic has 1 reply, 2 voices, and was last updated 12 years ago by Ken Garrett.

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February 25, 2012 at 11:55 am #51633
nrjsma
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- Topics: 45
- Replies: 30
If the price of the materials purchased are overstated, is it the responsibility of external auditor to detect the fraud?
February 26, 2012 at 1:06 am #94899
Ken Garrett
Keymaster
- Topics: 10
- Replies: 10530
It’s not really the responsibility of the auditor to detect fraud as such. However, if the fraud, from any cause, creates a material misstatement, auditors should pick that up.
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