Chapter 7 :  Audit Issues & Legal Liabilities GROUP 7 1.Sri Sahirah Binti Sahadom (10DAT18F1502) 2.Nur Zulaikha Binti Mohd Azhar (10DAT18F2017) 3.Nur Jazilah binti Mohamed jawathu (10DAT18F2021) 4.Nur Rabiatul Adawiyah Binti Mohamed Shahar (10DAT18F2051) 5.Muhammad Syahilman Bin Sharaizhi (10DAT18F2068) Auditing Issues and Legal Liabilities  Introduction (1) Understanding the meaning of fraud and error. (2) Reviewing the legal acts that govern auditor's liabilities. (3) Relation between type of liabilities and current audit cases. Audit Liabilities The legal liability that is assumed when the auditor is performing professional duties. (A) The auditor is liable for client accounting misstatements in the financial statements.  (B) There is always the risk of fraud and material misstatement in financial statements. (C) Fraud in audits is when an entity is found to have illegally altered financial statements to manipulate its financial health or to hide profit or losses. It is sev

 Hi assalamualaikum dan salam sejahtera! Kami daripada group 7 kami akan membentangkan topik 7 AUDIT ISSUES & LEGAL LIABILITIES so stay tuned!  ▶️ Legal liabilities is considered to be one of the most important spheres in the accounting profession as it touches on the effectiveness and realiability of the work performed from the perception of customers and third parties. Understand the nature of Audit issues and legal liabilities. For more information do watch the video above.    ~QUESTIONS~ Group 1 - Define fraud Group 2 - Give the type of fraud Group 3 - Discuss each types of liabilities Group 4 -  Give the definition of legal liabilities Group 5 - What is liability to third party Group 6 - Give the factors that help to minimise the auditor’s liabilities Group 8- Differentiate between fraud and error