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Slidesgo Enhancing Auditor Accountability a Comprehensive Review of Responsibilities in Fraud Detection Unde 202410221607413mK0

This document reviews auditor responsibilities in fraud detection under SA 240, highlighting the importance of accountability in financial reporting. It emphasizes the need for auditors to assess fraud risks, maintain professional skepticism, and collaborate with management while utilizing effective detection techniques. The conclusion stresses the importance of continuous training and proactive risk assessment to enhance audit outcomes.

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5 views10 pages

Slidesgo Enhancing Auditor Accountability a Comprehensive Review of Responsibilities in Fraud Detection Unde 202410221607413mK0

This document reviews auditor responsibilities in fraud detection under SA 240, highlighting the importance of accountability in financial reporting. It emphasizes the need for auditors to assess fraud risks, maintain professional skepticism, and collaborate with management while utilizing effective detection techniques. The conclusion stresses the importance of continuous training and proactive risk assessment to enhance audit outcomes.

Uploaded by

akshugurav2002
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Enhancing Auditor Accountability: A

Comprehensive Review of Responsibilities


in Fraud Detection Under SA 240
Auditor accountability is crucial in maintaining the integrity of financial reporting.
This presentation reviews the responsibilities of auditors in fraud detection under
SA 240, emphasizing their role in ensuring transparency and trust in financial
statements.
SA 240 outlines the responsibilities of auditors regarding the assessment of fraud
risks. It emphasizes the need for auditors to be vigilant and proactive in identifying
potential fraudulent activities that could impact financial statements.
Key Responsibilities of Auditors

Auditors must perform a thorough


assessment of fraud risks and implement
appropriate procedures. Their
responsibilities include maintaining
professional skepticism and evaluating
internal controls to mitigate the risk of
fraud.
Fraud Detection Techniques

Effective fraud detection techniques


include data analytics, interviews, and
thorough examination of records. Auditors
must adapt their strategies based on the
specific context and risk factors present in
the organization.
Professional skepticism is vital for auditors when assessing the risk of fraud. It
involves questioning the validity of evidence and maintaining an inquisitive
mindset throughout the audit process.
Collaboration with Management

Collaboration between auditors and


management is essential for effective
fraud detection. Open communication can
help auditors understand the business
environment and identify potential risks
more accurately.
Challenges in Fraud Detection

Auditors face various challenges in fraud


detection, including complex financial
transactions and evolving fraud schemes.
Staying updated on trends and enhancing
skills is crucial for overcoming these
obstacles.
Conclusion and Recommendations

In conclusion, enhancing auditor


accountability under SA 240 is vital for
effective fraud detection. Continuous
training, adherence to ethical standards,
and proactive risk assessment can
significantly improve audit outcomes.
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