ACC651_week 2

ACC651_week 2 - Running head: INTERNET CASE #7 Internet...

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Running head: INTERNET CASE #7 Internet Case #7 Freddy Cordero Grand Canyon University
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SAS No 99 When it comes to fraud auditors need to understand they have responsibilities in detecting fraud during the performance of a financial statement audit. In every audit engagement auditors need to consider the risk of fraud to have some type of surety that the financial statements are free of misstatements. This is part of the audit planning process and involves the use of professional skepticism (Arens, Elder, & Beasley, 2005, para. 3). “SAS No. 99, the fraud standard, considerably influences how an auditor plans and conducts an audit. An Auditor learns the conceptual framework required to comprehend the distinctiveness of fraud. They use the risk assessment method to detect fraud so they can improve the audit presentation” (AICPA, 2009). Fraud rrisks exist in every part of a transaction. Examples include embezzlement, false vendors or duplicate checks, unauthorized spending and overpaid or missing staff members. Once fraud is discovered, the auditor has the duty to report to the issue to the proper level of executive, audit committee and then to assess what the fraud will cause to the audit and ultimately the bottom line of the financial statements. The organization needs to create a place where there is a culture of honesty and high moral ethics, evaluate the internal controls, and
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This note was uploaded on 06/02/2010 for the course ACC 624 taught by Professor Smith during the Spring '10 term at Grand Canyon.

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ACC651_week 2 - Running head: INTERNET CASE #7 Internet...

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