Opportunities for fraud in not-for-profit entities: contributions vs exchange transactions
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Opportunities for fraud in not-for-profit entities: contributions vs exchange transactions

5 months ago · 4 min read

SECTION

EXCLUSIVE

The auditor’s objectives, as discussed at AU-C Section 240, are to

  1. identify and assess the risks of material misstatement of the financial statements due to fraud;

  2. obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and

  3. respond appropriately to fraud or suspected fraud identified during the audit.

The auditor is responsible for addressing a wide range of risks when performing an audit of financial statements. Addressing the risk

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