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International and US standards: error and fraud

International and US standards: error and fraud Both the international and US auditing Standards provide guidance to the auditor in searching for material misstatements caused by errors and fraud. Auditors, especially those with clients interested in cross-border securities markets, should comprehend the similarities and differences in the requirements found in the Standards in these significant audit areas. A comparison of the international Standard for error and fraud to the two US Standards for these topics discloses numerous similarities and a few differences. The findings are reassuring to auditors serving clients with cross-border interests. Whether the auditor is utilizing the international or the US guidance, comparable audit work in searching for misstatements arising from errors and fraud is being performed. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Managerial Auditing Journal Emerald Publishing

International and US standards: error and fraud

Janet L. Colbert
Managerial Auditing Journal , Volume 15 (3): 11 – Apr 1, 2000
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11 pages

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Publisher
Emerald Publishing
Copyright
Copyright © 2000 MCB UP Ltd. All rights reserved.
ISSN
0268-6902
DOI
10.1108/02686900010319357
Publisher site
See Article on Publisher Site

Abstract

Both the international and US auditing Standards provide guidance to the auditor in searching for material misstatements caused by errors and fraud. Auditors, especially those with clients interested in cross-border securities markets, should comprehend the similarities and differences in the requirements found in the Standards in these significant audit areas. A comparison of the international Standard for error and fraud to the two US Standards for these topics discloses numerous similarities and a few differences. The findings are reassuring to auditors serving clients with cross-border interests. Whether the auditor is utilizing the international or the US guidance, comparable audit work in searching for misstatements arising from errors and fraud is being performed.

Journal

Managerial Auditing Journal – Emerald Publishing

Published: Apr 1, 2000

Keywords: External audit; Fraud

References

  • Due Professional Care in the Performance of Work
    American Institute of Certified Public Accountants
  • Audit Risk and Materiality in Conducting on Audit
    American Institute of Certified Public Accountants
  • Reports on Audited Financial Statements
    American Institute of Certified Public Accountants
  • Consideration of Fraud in a Financial Statement Audit
    American Institute of Certified Public Accountants
  • Management Representations
    American Institute of Certified Public Accountants
  • Objective and General Principles Governing an Audit of Financial Statements
    International Federation of Accountants
  • Documentation
    International Federation of Accountants
  • Fraud and Error
    International Federation of Accountants
  • The Auditor’s Report on Financial Statements’
    International Federation of Accountants