Audit research paper final

Audit research paper final - Urja Gandhi The Auditor and...

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Urja Gandhi The Auditor and Fraud detection – Research paper BUS 506 – Auditing Standards and Practices The Auditor and Fraud Detection Urja K. Gandhi University of La Verne BUS 506 – Auditing Standards and Practices Instructor – Ken Brown 12 th August, 2010 Page 1
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Urja Gandhi The Auditor and Fraud detection – Research paper BUS 506 – Auditing Standards and Practices Table of Contents Introduction. ................................................................................................................................. 4 Understanding the Nature and Characteristics of Fraud. ............................................................. 5 Triangle of fraud. ......................................................................................................................... 5 Duties of Auditor and Management. ............................................................................................ 7 Evaluating the Existence of Fraud. .............................................................................................. 9 Procedure to identify fraud risk. .................................................................................................. 9 Conclusion. ................................................................................................................................ 11 References. ................................................................................................................................. 12 Page 2
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Urja Gandhi The Auditor and Fraud detection – Research paper BUS 506 – Auditing Standards and Practices Abstract Auditors' responsibilities and duties include reviewing financial statements of a company or any other legal entity. They are also responsible for detecting frauds in financial statements and the statements audited are expected by society to be free from any mistakes or errors. There were many big auditing firm which were involved in the biggest scams but after 2002, AICPA introduced SAS no. 99 which not only helped in preventing fraud but also reduced them. This paper describes the nature and characteristics of fraud, auditors responsibilities towards prevention and detection of fraud, examines recent standards, rules, and acts enforced after major auditing frauds that occurred in late 1990's and early 2000's. It describe the triangle of fraud including incentives/pressure, opportunity and attitude and also briefly looks into the duties of an auditor. In the end, the paper also discusses steps to evaluate and identify fraud. Page 3
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Urja Gandhi The Auditor and Fraud detection – Research paper BUS 506 – Auditing Standards and Practices Introduction Fraud, according to Webster’s New World Dictionary, is the "intentional deception to cause a person to give up property or some lawful right" (Farrell & et. al., 1999). There are numerous examples of financial statement frauds and alleged auditor negligence. The most notable ones are of
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This note was uploaded on 04/08/2011 for the course BUS 506 taught by Professor Brown during the Spring '11 term at Cal Poly Pomona.

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Audit research paper final - Urja Gandhi The Auditor and...

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