CHAPTER 7:AUDIT ISSUES AND LEGAL LIABILITIES -DAT5B

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Group Member:
1.NUR FIONA HASLINDA BINTI AHMAD (10DAT18F1110)
2.KHUKSUKMA KUAN (10DAT18F1004)
3. LIM SIEW LYN (10DAT18F1060)
4. HERASHNI NAIR VIVEAKANANTHAN (10DAT18F1052)
5. SITI NURATHIRAH BT AHMAD ZAMRI (10DAT18F1016)

Our Slide:

Question:

1.Definition of fraud

2.Difference between fraud and errors.

3.Definition of legal liability.

4.Types of liabilities

5.Factor that minimize the auditor's liabilities.


Thankyou for your time and consideration😊

Comments

Anonymous said…
Group 4

1. Refer to intentional act by one or more individuals among management, those charged with governance, employees or third parties, involving use of deception to obtain an adjust or illegal advantage

2. Aspect nature, fraud occurs intentionally while errors occurs without intention

3. Auditor may be held liable to third parties under statutory law. Legal libility is a term applied to being legally responsible for situation, and its often asaociates with a subcontract, especially if the terms of that contract are not fulfilled

4. - Liability under the law of contract
- Liability to third party 'tort'

5. -Standard and rule setting
- Oppose lawsuits
- Education of users
- Section members for improper conduct and performnce
- Engagement leadera should deliver and discuss engagement letters
- Tailor engagement practice aids to meet the needs of clients.
October 31, 2020 at 9:15 PM
Unknown said…
GROUP 8 (DAT5B)

1.Fraud is the intentional activity to gain personal benefit directly or indirectly illegally,
against organization or entity policy. It is ultimately different from error corruption.

2. Fraud
- occurs intentionally
- to gain profit or personal benefit
- a complot by the management or the organization

Error
- occurs without intention
- happen due to a lack of skill and or knowledge
- Person involved an individual

3.Auditor may be held liable to third parties under statutory law. Legal liabilities is a
a term applied to be legally responsible for a situation, and it often associated with
a subcontract, especially if the term of that contract is not fulfilled.

4. -Legal liability to the client
-Legal liability to the third party
-criminal liability

5. -Standard and group setting
-Oppose lawsuit
-Education of user
-Tailor engagement practice aids to meet the needs of clients
-Section members for improper conduct and performance
-Engagement leaders should deliver and discuss engagement letter
October 31, 2020 at 9:48 PM
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