Auditing quizzes
What auditors check in financial statements, and why a clean opinion doesn’t guarantee everything is correct.
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From Auditing: Why a Clean Opinion Is No Guarantee
Is an external auditor responsible for finding every fraud in a company?
- No, only material ones, with reasonable assurance
- Only the frauds committed by top management
- Yes, that is the main purpose of an audit
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Answer: No, only material ones, with reasonable assurance
Auditors plan to detect material misstatement, whether from error or fraud, but well-concealed or small frauds can go undetected.
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