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External auditor

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA BT – FIA FBT › External auditor

  • This topic has 1 reply, 2 voices, and was last updated 9 months ago by Ken Garrett.
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  • April 12, 2022 at 12:40 pm #653150
    maximus07
    Participant
    • Topics: 407
    • Replies: 398
    • ☆☆☆☆

    A relation to fraud prevention what objective should external auditors have in designing and implementing their audit procedures?

    To verify pre-determined samples of all types of records

    To provide a systematic check of every recorded transaction

    The identification of every inconsistency or error within the records

    A reasonable prospect of detecting irregular statements or records

    Answer is A. I studied that external auditor have limited time to do auditing so the external auditor do with his experience and learning where to audit.
    Can you explain me how this is correct?
    I did D.

    April 12, 2022 at 4:17 pm #653172
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10193
    • ☆☆☆☆☆

    I’m not sure D is achievable for all irregularities. For example, someone taking €10 from petty cash and putting in a forged receipt is unlikely to be detected in any audit.

    Audit aims to detect material misstatements, not all, and it does this by randomly selecting samples of all types of transactions.

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