What should the auditor do first if an illegal act is discovered during the audit of a publicly company?
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What is the auditor supposed to do first if he believes that an illegal act occurred?When an auditor believes that an illegal act may have occurred, the auditor should first: obtain an understanding of the nature and circumstances of the act.
What is the auditor's responsibility to detect illegal acts?The auditor's responsibility to detect and report misstatements resulting from illegal acts having a direct and material effect on the determination of financial statement amounts is the same as that for misstatements caused by error or fraud as described in section 110, Responsibilities and Functions of the ...
When an auditor becomes aware of a possible illegal act the auditor should?. 10 When the auditor becomes aware of information concerning a possible illegal act, the auditor should obtain an understanding of the nature of the act, the circumstances in which it occurred, and sufficient other information to evaluate the effect on the financial statements. . . .
What action should an auditor take if evidence of an illegal act by a client is uncovered?The auditor's first course of action when an illegal act is uncovered should be to immediately notify the appropriate authorities, including but not limited to, law enforcement and the Securities and Exchange Commission.
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