angela july

Identify and assess the risks of material misstatement of the financial statements due to fraud: obtain understanding of the internal controls in respect of those assertions which are subject to fraud and ensure those controls are designed effectively. Obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and Such responses should at a minimum include the following: - Testing of the appropriateness of journal entries, especially at the end of the reporting period. Make inquiries of individuals involved in financial reporting process; - Review the accounting estimates for bias (e.g., provisions, valuation allowances, percentage of completion of sales transactions, result of the impairment tests); - Analyze significant unusual transactions outside of the normal course of business. Respond appropriately to fraud or suspected fraud identified during the audit: Communicate fraud or suspected fraud to those charged with governance.