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Ext Audit

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA BT – FIA FBT › Ext Audit

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Ken Garrett.
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  • May 25, 2021 at 12:16 pm #621739
    ketki15
    Member
    • Topics: 60
    • Replies: 15
    • ☆☆

    If an external auditor in the process of considering the company’s financial statements came across an incident of fraud that took place in the year, he/she must
    a- qualify the accounts regardless of the size of the fraud
    b- report to the shareholders by the way of a note to the accounts, regardless of the size of the fraud
    c- qualify the accounts only if the fraud is material and not properly recorded in the accounts
    d- report to the shareholders by a note to accounts, but only if fraud is material

    why is the correct ans C? why would the auditor qualify the accounts if there is a fraud?

    May 25, 2021 at 4:43 pm #621756
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10197
    • ☆☆☆☆☆

    c qualify the accounts only if the fraud is material and not properly recorded in the accounts

    For audit qualifications to occur, the misstatement has to be material. Here is it has not been properly recorded in the FS so they are materially wrong.

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