case,it was held that the auditor takes complete responsibility for detecting fraud in a set of financial statements they are auditing.

Question

Quizplus · Accepted Answer

While auditors have a responsibility to detect material misstatements in financial statements, they are not responsible for detecting all instances of fraud. Detecting fraud requires a different set of skills and expertise, and companies also have their own anti-fraud mechanisms in place.

Case,it Was Held That the Auditor Takes Complete Responsibility for Detecting