As part of your intern training at a large public accounting firm, you have been asked to
Question:
As part of your intern training at a large public accounting firm, you have been asked to conduct research about audit procedures related to client noncompliance with laws and regulations. You will report the findings of your research to the other interns in your training class.
Required
Access the Clarified Statements on Auditing Standards at the AICPA website (www.aicpa.org). Navigate to AU-C 250 and answer the following questions:
a. What might be indicators that a client has committed an illegal act?
b. What are some specific procedures the auditor can use to obtain an understanding of an identified or suspected illegal act?
c. In what situations might an auditor have a duty to notify external parties about a client’s noncompliance with laws and regulations?
Step by Step Answer:
a AUC 250A19 states the following regarding indicators that a client has committed an illegal act If the auditor becomes aware of the existence of or information aboutthe following matters it may be a...View the full answer
Auditing A Practical Approach with Data Analytics
ISBN: 978-1119401742
1st edition
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton
