In the context of ISA 240 (The Auditor’s Responsibility to Consider Fraud and Error in, an Audit of Financial Statements):
(a) Define: –
(i) Fraud (3 marks)
(ii) Error (3 marks)
(b) Outline the respective responsibilities of an entity’s management and the external auditor with respect to the prevention and detection of fraud and error. (8 marks)
(c) Outline the procedures an external auditor should follow if he suspects that fraud; or error have been perpetrated. (6 marks)
(Total: 20 marks)
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