Accounting True or False

User Generated

yvyjnlar920

Business Finance

Question Description

Is the following statement true or false?  Why or why not?

"An outside independent auditor must search for fraud and include such search on his audit plan but is not responsible for finding it in every case."

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Explanation & Answer

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yes!...............the auditor has the responsibility to search for fraud but cannot find in every case because he is not mandated to do investigations concerning the fraud,only including it in the reports and recommend for steps the company may take to curb it.

'The primary goal of external auditing is to determine the extent to which the organization adheres to managerial policies, procedures, and requirements'

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fvzfvcyr (622)
University of Maryland

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