Please Help: audit
Posted Date : 04-Oct-2014 , 01:03:22 pm | Posted By: Akshay Patel
Category :
Audit | Answers :
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can we take theft as fruad while reporting this fact in to auditor report? |
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| Posted By : |
06-Oct-2014, 06:07:12 |
| It is not a fraud but loss due to theft |
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| Posted By : Mahesh G Makhijani |
06-Oct-2014, 05:45:25 |
| To recognize the loss or misappropriation of source if enterprises as fraud , there should be willful default by personnel or management of enterprises to comply with policy or to cause deterrent to operation of laid down internal control system. Normal theft can't be classified as fraud.
If there is any indication of theft has occurred due to lack of internal control that should be reported accordingly.
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| Posted By : Mahesh G Makhijani |
06-Oct-2014, 05:38:02 |
| To recognize the loss or mis-appropriation of source of enterprises as fraud require the collusion of personnel to derive undue advantage/benefit |
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| Posted By : Hiteshkc |
06-Oct-2014, 10:48:02 |
| No. Unless it is organised theft. i.e. officer have knowingly ignored the security policy to facilitate the theft. |
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