Part 1
Distinguish between an auditor’s responsibilities to detect and report errors, illegal acts, and fraud. What role does materiality have in determining the proper reporting and disclosure of such events? What ethical concerns might an auditor face when doing his or her job?
Incorporate concepts from this week’s lecture in your post. Your main post should be at least 250 words in length. Respond to at least two of your classmates’ posts.
Part 2
What are the auditor’s responsibilities to communicate information to the audit committee under AICPA and PCAOB standards? If the auditor discovers that the audit committee routinely ignores such communications, especially when they are critical of management’s use of GAAP in the financial statements, what step(s) might the auditor take at this point?
Incorporate concepts from this week’s lecture in your post. Your main post should be at least 250 words in length. Respond to at least two of your classmates’ posts.
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