Financial Audit Services

There are several types of audit services that are provided by auditors. Identify and define three of these types of audits. (1.5 Marks).

2- How would an auditor identify related parties and what is the importance of doing so. (0.5 Mark).

3- During the audit of Bader Financial, you find that some accounting entries have been Changed. You believe this may be the result of management fraud and you have determined that the effect of this could be material to the financial statements. What steps should you take in response to the accounting entries and your concern about management fraud. Detail your answer. (1 Mark).

4- The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error of fraud. Explain the previous statement, and why an auditor cannot provide absolute assurance? Support your answer with a clear example explaining your answer. (2 Marks).

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