FRAUD - what are auditors SUPPOSED to do? ISA/ASA240
Vložit
- čas přidán 7. 09. 2024
- Thanks for watching! If you have questions about ASA/ISA 240, add them in the comments below.
My ultimate audit video study guide is available here
amandalovestoa...
Find ASA 240 here www.auasb.gov.a...
#StandardsExplained #ILoveAudit #Auditing #Fraud
Subscribe to watch more auditing videos!
/ amandalovestoaudit
Catch me on social media!
/ amandalovestoaudit
/ amandasaudit
/ amandalovestoaudit
Mic - Rode SmartLav+
Explain Everything iPad app
LumaFusion iPad app
Finally there is a CZcamsr that i can follow for my audit online teaching resources! Thanks, Amanda! Please keep up the good work. You need to have more views!
Thanks Christine!
2021 CTA student in South Africa ........ Thank You Amanda your videos are amazing, ........very very helpful, straight to the point and easy to understand .
Thank you so much for your kind words - good luck for your exams!
Studying towards becoming a CA and this is very helpful. Thank you
She is really good
You’re welcome Panashe - good luck!
Aww thank you Samantha 🙏☺️
Dr. Amanda, you're absolutely amazing!!!
Your videos are very good. Well explained. Using them for my upcoming ACCA exam.
Thanks Salimah - best of luck in your exam!
What about assessing indicators of fraud?
Hii Dr. Amanda. Can you please share the list of Audit standard from 100 to 700, so that we know which standard to use in which situation. So that we know to look through before carrying out the audit specific works. Thank you, from Timor Leste
Auditing Standards EXPLAINED
czcams.com/play/PLpJRVR3iB5Z7ST2Lc9SYeHHUznmlkVhqe.html
Hi Amanda
I would like to know if you can explain what is audit scope and how is it related to fraud. Thank you 😊
Hi AA - the scope is what the audit is actually covering. As to fraud - you need to dig into what is an audit - and why it isn’t a fraud investigation. Ask yourself - what is the scope of reasonable assurance
@@amandalovestoaudit thank you so much.
How should we approach a scenarios when an auditor may implicitly be involved with the management in the fraud (specifically, concealment of revenue)?
This is so tricky! If you believe one of your colleagues on the audit is involved - you are best to go talk with your partner directly. If you are worried about the partner being complicit - try the ethics people at your firm, or at your professional accounting body.
@@amandalovestoaudit The management of the company have shown zero revenue in their Income Statement, but after due examination it was discovered that the revenue had been collected (confirmed through cash receipts), just not deposited in the company's bank account. The shareholders of the company were depositing the collected revenue as share capital in the company. The auditor had expressed an unqualified opinion in this respect. In order to report to the professional body, I need to be able to justify that there is gross negligence while conducting the audit. What do you suggest?
@Ridhesh As per standards on auditing 510 you must physically verify the Inventory.(I am assuming they have booked purchases)
Since no sales has been booked, their should be no change in the stock that has been purchased.
So when you go for a physical verification of inventory you will most likely get a mismatch while reconciling.
Since existence is missing you can easily qualify the report, and describing in the basis of opinion paragraph.
Also for increase in share capital one has to intimate registrar. So you can collect a copy of their capital issued from the registrar and trace it back to the FS.
I wish I could bring a million views with me.....dope. I'm doing my CTA to qualify as a CA and I've been looking for a cool channel, and here I am😁🥰🥰
Many thanks Tafara 🙏 and good luck in your exams!
If minor fraud is found, for example the staff steals from the warehouse, what are we as auditors required to do considering it's immaterial? Or perhaps a new vendor was secretly added, and paid an immaterial amount. If we have to report to board still, will they have to make any internal changes for us to give an unqualified audit report?
Hi FlatTube!
I would say that yes - in the instance of fraud - even if quantitatively immaterial, it is qualitatively important to flag to the audit committee as part of the management letter.
@@amandalovestoaudit we will report to audit committee because i think this thing indicate control failure and may be after investigation we found a huge amount of fraud.
@@bilalshahid3124 definitely. It might not need to go into a public SOX 404 style report - but definitely to the audit committee.
Thanks for ur effort. It’s been really helpful. Keep it up 👍
your vid should hv more views!
Aw thanks!
I agree
THANK YOU FOR YOUR WORK
what if its a private company with the director that is hard to get
If you find fraud - you should bring in the authorities such as the police as well as those charged with governance. Directors of private companies still have the same duties and responsibilities as public companies.
Cool intro!
thank you
You're welcome 😊