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SAS99 - The identified risks will be evaluated according...

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Statement on Auditing Standards (SAS) 99 SAS No.99 provides the characteristics of fraud. The need of auditors is discussed especially to know the existence of material misstatement due to fraud. When the audit is under progress, the audit team members able to discuss about the financial statements and identify the material misstatement due to fraud. In order to identify the risks of material misstatements which are associated with due to fraud, the following required to be gathered: 1. Make an enquiry about the management and other personnel and the risks of fraud associated with them. 2. Results of the analytical procedures during the audit. 3. Fraud risk factors 4. Any other connected information. Accordingly, the Auditor use the gathered information and identify the risks those may result material misstatement due to fraud.
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Unformatted text preview: The identified risks will be evaluated according to programs and controls of respective organization. Finally the auditor will submit findings of such results in connection with material misstatement due to fraud. Further the Auditors will respond on the results of risk assessment in the shape of general considerations, audit procedures and override of controls by management etc. Particularly, SAS 99 highlights that the professionals must maintain professional skepticism and they should never accept such evidence not meeting the standards which is provided by the respondents References: 1. http://www.aicpa.org/InterestAreas/ForensicAndValuation/Resources/FraudPreventionD etectionResponse/Pages/Summary of SAS No.aspx 2. http://www.itcomplianceandcontrols.com/2007/12/17/fraud-and-sas-99/...
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