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Give the procedures to be applied as general leads to where fraud or error may have occurred.

Give the procedures to be applied as general leads to where fraud or error may have occurred.

Answers

Wilfred
•• Comparison of the company’s current balance sheet with those of previous years.
•• Calculation of profitability, leverage, activity and performance ratios for the current and previous years.
•• Using search inquiry to pose questions to management and accounting staff.
•• Auditing in depth to establish the audit trail. This facilitates checking a transactions recording process from initial to final stage.
•• Using surprise checks and visits.
•• Comparing budgeted and actual results of the company and investigating any variances noted.
Wilfykil answered the question on April 11, 2019 at 12:41

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