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Good day Sir,
I was reading the F8 opentuition june 2014 Course Notes manual and I´m struggling now with an issue.
The notes states that, when an auditor fails to find a material fraud in the company´s account he/she/they COULD be removed.
My question is, if the aim of an audit is not to detect frauds, so why they could be removed? Is that fair?
Best Regards
ETThe relevant word is ‘material’. Auditors should have a reasonable chance of finding all material misstatements whether caused by fraud or error. If they don’t find a material fraud then the question as to whether they carried out a competent audit will arise.
They have no responsibility to find immaterial frauds.
Good day Sir and thank you for your quick reply.
Please, can you tell me where could I download all the examinable documents for December 2014 exam section?
Best Regards
ETSir, I found in the internet the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, 2012 Edition Volume I, issued by the International Auditing and Assurance Standards Board. Should I use that source to prepare the exam?
Best Regards
ETSir, I found also in the internet the The UK Corporate Governance Code, September 2012, inssued by the Financial Reporting Council. Should I use that source to prepare the exam?
Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, 2012 Edition Volume I: No – too long and complicated for F8.
The UK Corporate Governance Code, September 2012: there is almost certainly enough for you in the notes. This is a long document and you risk spending too long on votporate governance.
Good afternoon Sir and thank you one more time for your quick reply.
Sorry, but I´m still with a doubt. Are you saying that for both situations the notes are enough or is only for the UK Corporate Governance Code.
If not, where can I find the International Standards on Auditing and all the related documents?
Best Regards
ETThe notes are enough for both. You don’t need to go back to the original standards in auditing for F8 unless you are really interested.
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