The auditor should perform risk assessment procedures that are sufficient to provide a reasonable basis for identifying and assessing the risks of material misstatement, whether due to error or fraud, and designing further audit procedures.
Two primary sources of law govern contracts; the common law and the Uniform Commercial Code. The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States.
Considering that approximately 1.6 million nonprofits are registered in the US, and that the nonprofits contribute more than one trillion dollars to the US economy, besides independent auditing, the importance of agencies known as watchdogs is also emerging.
In today's world, everything is developing rapidly and has great effects on our lives, of course, every good technology adds value to our lives, but creates certain results depending on how it is used.
The fraud triangle stems from Cressey’s hypothesis stated in his book, Other People's Money that: “Trusted persons become trust violators when they conceive of themselves as having a financial problem which is non-sharable, are aware this problem can be secretly resolved by violation of the position of financial trust,
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