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Fraud

This topic has 3 replies, 3 voices, and was last updated 3 years ago by Ken Garrett.

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February 24, 2019 at 12:49 pm #506388
vavneetb
- Topics: 170
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An auditor should report fraud to shareholders in
a.Audit report
b.AGM

Correct answer of this is A, but i dont understand why?
February 24, 2019 at 5:11 pm #506418
Ken Garrett
Keymaster
- Topics: 10
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Generally, auditors don’t say a lot at AGMs. Their prime mechanism of communocation to shareholders is via the audit report.

The fraud would not necessarily be mentioned in the audit report at all provided it was disclosed in the FS (if material).
February 26, 2019 at 5:23 am #506545
alikhakar
- Topics: 186
- Replies: 79
If the fraud was material and also disclosed in FS ..Will it be reported in audit report under key audit matters or emphasis of matter para ?
February 26, 2019 at 6:34 am #506550
Ken Garrett
Keymaster
- Topics: 10
- Replies: 10051
KAM. EoM rather rare now.
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