Discuss the auditor’s responsibility

1. Define the term ‘red flags’ of fraud and discuss the auditor’s considerations in this respect.

2. If the auditor has identified a fraud or has obtained information that indicates that a fraud may exist, the auditor should communicate these matters to interested parties. Discuss the auditor’s responsibility with regard to:

(a) Communications with management and those charged with governance.

(b) Communications to regulatory and enforcement authorities.

Solution:

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