Audit procedures for disclosure of errors and fraud in financial statements of Bulgarian companies
Audit procedures for disclosure of errors and fraud in financial statements of Bulgarian companies
Author(s): Silviya Kostova Subject(s): Business Economy / Management, Accounting - Business Administration
Published by: Editura Universităţii »Alexandru Ioan Cuza« din Iaşi
Keywords: audit procedures; errors; fraud; indications of fraud; auditors‟ responsibilities; financial situation;
Summary/Abstract: Auditors’ responsibility regarding errors and fraud disclosure in financial statements is an essential element of the commitment they undertake to the users of information. Although auditors are responsible for expressing reasonable assurance that the financial statement contains no substantial deviations, the standards limit the auditor’s opinion without explicit requirement that fraud and errors be identified. Nevertheless, auditors need to apply the adequate procedures to respond to internal and external factors generating errors and fraud, which reflect on the reliability of financial statements. This will contribute to improving the performance of entities and raising the value added of conducted audits.
Journal: Analele Ştiinţifice ale Universităţii »Alexandru Ioan Cuza« din Iaşi. Ştiinţe economice
- Issue Year: 59/2012
- Issue No: 1
- Page Range: 49-66
- Page Count: 18
- Language: English