F1 Chapter 8 Questions
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Are financial statements not done by financial accountants ,not management accountant? Question 2 someone to explain to me the answer and why it is not the auditors responsibility to detect fraud an management to prevent it .
In question 2 why is the answer not correct where it says it is managments responsibility to prevent fraud and auditors to detect it?
Because it is not the auditor’s job to detect fraud. It is the auditor’s job to report if the financial statements give a true and fair view, meaning that, to a reasonable level of confidence, there are no material misstatements. So, small frauds that are immaterial could occur without the auditors even looking for them. There should be a reasonable chance that large, material frauds will be detected by the auditors, but even that is not guaranteed, particularly because fraudsters will usually attempt to disguise their actions.
No. Frauds can be large or small and are often well-concealed. It is not the auditor’s responsibility to discover them.
Its saying in q3 its managers responsibily to lrepare financial statements i thaught its accountants.
I assume you mean Q3.
The term ‘accountant’ isn’t mentioned in the question.
It is NOT the auditor’s responsibility to prepare the FS. It is the directors’ responsibility. The FS are then audited (‘checked’) by independent auditors.
Got 60%
igot it 60%
yeh? i got 100
I noticed that the money laundering was not mentioned in notes. Please any reason for this?
It is mentioned Pages 48, 49. However, I think we should expand this and will do so soon.
Thanks for pointing it out.
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I got 80%.
I got 60%
i got 80% 馃檪