Lesson 4 Flashcards
1
Q
Why is an interim audit completed partway through the year?
A
To not interfere with year end procedures
Allows the audit to spread out their work
2
Q
When does a final audit take place?
A
After the year end
3
Q
What is the difference between fraud and error?
A
Fraud is intentional deception
Error is unintentional misstatement
4
Q
Who is responsible for fraud?
A
The directors
5
Q
Who is fraud reported to?
A
Management
3rd parties
