Auditing, Assurance Services, and Forensics by Felix I. Lessambo

Author:Felix I. Lessambo
Language: eng
Format: epub, pdf
ISBN: 9783319905211
Publisher: Springer International Publishing

ii.determining whether the transaction has been authorized and approved in accordance with the company’s established policies and procedures;

iii.evaluating the financial capability of the other parties to the transaction with respect to significant uncollected balances, guarantees, and other obligations; and

iv.Performing other procedures as necessary depending on the identified and assessed risks of material misstatement

The basic procedures are designed to assist the auditor in identifying red flags that indicate potential risks of material misstatement . Additionally, the standard requires more in-depth procedures that are designed to be scalable and commensurate with the facts and circumstances of the audit.

The auditor should evaluate whether the business purpose (or the lack thereof) indicates that the significant unusual transaction may have been entered into to engage in fraudulent financial reporting or conceal misappropriation of assets. In making that evaluation, the auditor should evaluate whether2:The form of the transaction is overly complex (e.g., the transaction involves multiple entities within a consolidated group or unrelated third parties);

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