What is the auditor's responsibility regarding fraud?
- A Obtaining reasonable assurance that the statements are free from material misstatement, whether from fraud or error
- B Detecting all fraud
- C Preventing fraud
- D No responsibility, as fraud is management's concern
Answer
Obtaining reasonable assurance that the statements are free from material misstatement, whether from fraud or error
Prevention and detection of fraud is primarily management's and those charged with governance's responsibility.
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