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Is this a sufficient response to this requirement?
(a) Describe the auditor’s responsibilities in relation to the prevention and detection of fraud and error.
(4 marks)Auditors conduct an audit in accordance with ISA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements and are responsible for obtaining reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether caused by fraud or error.
Short answer – NO – though I am not marking was answer (I do not offer a marking service) – but I can see at a glance that you make only one point “obtaining reasonable assurance ….” which would be a maximum of 1 mark.
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