Is it the responsibility of the internal auditor and external auditor to DETECT fraud and error of the company it is auditing?
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Responsibility of auditors when it comes to fraud and error
15y ago#1External 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.
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?
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