Oh the other hand, I often found that many companies that I have audited were lack of internal control and it could be lead to financial fraud either intentionally or unintentionally and most of them are recording fictitious transaction, misleading document, lack of segregation of duties, falsification of account, etc. As a result, sometimes I feel that after I finished the fieldwork, there are still more procedures to conduct in order to discover invisible fraud that the management’s intentionally hide, but because of limited audit procedures and timeline, I cannot prepares effective audit procedure to cover such financial fraud therefore I believe that effective audit procedures is very important for the auditor to assess risk of financial fraud and crime. As an external auditor, the main focus of audit procedures are to assess risk of material misstatement of the financial statement as a basis to express an opinion, therefore the audit procedures are not too comprehensive and sometimes subject to judgment of how the account are tested. How did you choose your proposed course and institution?Īfter having worked as an external auditor for above 5 years, I merely notice that the knowledge of the auditor are limited to detect financial fraud of the company, the main reason is because lack of knowledge of how to develop audit procedures in order to assess the risk of financial fraud.
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