5.4 - Auditor's Objectives

Question 1

What is the first objective of an auditor in relation to fraud?

Answer 1

To identify and assess the risks of material misstatements due to fraud

Question 2

What is the second objective of an auditor in relation to fraud?

Answer 2

To obtain evidence regarding these risks by designing and implementing appropriate responses

Question 3

What is the third objective of an auditor in relation to fraud?

Answer 3

To respond appropriately to any actual or suspected fraud identified during the audit

Question 4

What does ISA (UK) 315 require there to be?

Answer 4

Requires there to be a discussion among the engagement team about where fraud might take place at the entity, which usually takes place during the planning phase