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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Responsibility of auditors when it comes to fraud and error
Is it the responsibility of the internal auditor and external auditor to DETECT fraud and error of the company it is auditing?
External auditor’s prime responsibility is to give an audit opinion. They should find material fraud, because that has a bearing on their opinion, but have no responsibility to find small fraud, though should always employ professional scepticism.
Internal auditors have a responsibility to do whatever they are told to and generally this would include being on the look-out for fraud.
so as for the objectives of external auditors, the primary objective is to express an opinion whether the financial statements give a true and fair view. and the secondary objective is responsibilities relating to fraud. it is correct to say so?