Download Full Text (1.5 MB)
This Statement provides guidance on the independent auditor's responsibility for the detection of errors and irregularities in an audit of financial statements in accordance with generally accepted auditing standards. It describes factors that influence the auditor's ability to detect errors and irregularities and explains how the exercise of due care should give appropriate consideration to the possibility of errors or irregularities. It also provides guidance on the auditor's responsibility to communicate detected matters both within and outside the entity whose financial statements are under audit.
Auditing -- Standards -- United States; Auditors -- Professional ethics -- Standards -- United States; Fraud
Accounting | Taxation
American Institute of Certified Public Accountants. Auditing Standards Board, "Auditor's responsibility to detect and report errors and irregularities; Statement on auditing standards, 053" (1988). Statements on Auditing Standards. 54.