You recently had a conversation with Jack, a friend, whom you had not seen for a number
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Question:
I asked Jack if he was concerned whether fraud by either senior management or employees could be happening in the company. Jack said "that since the auditors always test all of the controls at the public company, he is confident no one in upper management or will ever try and play any tricks with the numbers. Besides the auditors look for fraud and I am sure the financial statements would reflect the impact of any fraud committed by management or employees"
Required:
Identify five misconceptions that your friend seems to have about the auditor's role with respect to the audit of the public company.
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