Auditors Must Consider the Possibility of Fraud by Employees or Management

question 42

Essay

Auditors must consider the possibility of fraud by employees or management on every audit engagement.They must also consider the possibility that the client has not complied with laws.
(a)Distinguish between employee and management fraud.
(b)Describe the auditors' responsibility for the detection of fraud in an audit.
(c)Describe the auditors' responsibility regarding noncompliance with laws by a client.

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Definitions:

Media Content

The information, artistic elements, and forms of entertainment provided through various communication channels.

Advertisement Industry

The sector focused on creating, planning, and handling advertising and sometimes other forms of promotion and marketing for clients.

Streaming Services

Platforms for watching or listening to media content over the internet, including movies, TV shows, and music.

Original Series

Television or web series specifically produced for and distributed by a particular streaming platform or network, not previously aired on another channel.