after the auditor have completed the audit and submitted the audit report after signing to the entity and a fraud have been detected at the client's site.so what are the safeguards given to the auditor.
please reply please.
thankyou
2 Replies
Umesh V Naig
(Statutory Analyst)
(452 Points)
Replied 17 April 2019
Conducting audit or certifying Financials are as per statutory laws.
If the frauds are apparent and with explanation it is duty of auditor to declare in his audit report.
further company / share holders are the owners who ultimately to take corrective measures and put in order.
Due to such frauds any damages certifying auditors or not responsible under Company Laws etc.
But following accounting standards , statutory declarations, reporting to the shareholders , Income tax authorities are the first responsibility of certifying auditors which please note
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