ACC555 Assignment 2 Unit 4
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Melanie Waghalter Johnson
Unit 4 Assignment 2
Professor Cynthia Waddell
ACC555: Fraud Examination
SAS no. 99, Consideration of Fraud in a Financial Statement Audit, was initially created in wake of several accounting scandals that occurred. The main provisions of SAS 99 are as follows:
Descriptions and characteristics of fraud. The section speaks of fraud and characteristics found in paragraphs .05 through .12
Discussions among personnel. This section will discuss the need of auditors exercising professional skepticism in consideration of the possibility that a material misstatement will be present.
Obtaining information that is needed to identify risks of fraud due to material mismanagement. This has 4 sections that require the auditors to gather all necessary risks for...