inventory and cost of sales, and the audit of difficult or complex transactions were among the most prevalent observations. It was noteworthy that some of those observations also shared a trait of
to complete. Moreover, the 2016 inspection results of the auditors’ engagement showed that most findings were in the substantive testing phase, with the audit of revenue, the audit of inventory and the
, and identifying and assessing risk of fraud and response to those risks. Example 4 : The disclosure checklist did not contain current disclosures as required by other regulatory bodies such as the SEC
) valuation and impairment of goodwill and intangible assets 5) investment valuation and impairment 6) inventory valuation 7) accounts receivable 8) Provision 9) litigation and regulation 10) revenue
revisions of further audit procedures after the auditor discovered that sales revenue and inventory stock cards were recorded with different transaction dates. Audits related to fraud risks Although both
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permit another to produce fraud documents and prepare incorrect financial statements to deceive other persons. the public prosecutor issued a prosecution order; however, attempt to arrest the accused
fraud documents and prepare incorrect financial statements to deceive other persons. the public prosecutor issued a prosecution order; however, attempt to arrest the accused failed and the statute of
Mr. Lee Wolff Mr. Lee Wolff, the former managing director of Circuit Electronics Industries Plc. (“CIRKIT”), conspired with other executives of CIRKIT to commit or permit another to produce fraud
CIRKIT to commit or permit another to produce fraud documents and prepare incorrect financial statements to deceive other persons. the public prosecutor issued a prosecution order; however, attempt to