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Auditing Theory and Practice: Fraud Detection and Prevention in BC Iron Limited

Undertake research on major reasons and consequences of poor performance, near collapse or turnaround or near demise, or demise of a high profile company using risk-based auditing approach, auditing concepts, auditing standards and case laws.

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Added on  2023-06-14

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This presentation discusses the auditing procedures for fraud detection, aggressive accounting policies, and other misappropriations in BC Iron Limited. It also highlights the responsibilities of auditors and how fraud can be fixed. The presentation is based on ASA 200 and 240.

Auditing Theory and Practice: Fraud Detection and Prevention in BC Iron Limited

Undertake research on major reasons and consequences of poor performance, near collapse or turnaround or near demise, or demise of a high profile company using risk-based auditing approach, auditing concepts, auditing standards and case laws.

   Added on 2023-06-14

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Auditing Theory and Practice
Auditing Theory and Practice: Fraud Detection and Prevention in BC Iron Limited_1
Introduction
Fraud, aggressive policies and other misappropriations
BC Iron Limited is a smaller mining company where they manage
operations such as mining, crushing as well as screening and trucking
The Auditing Standard used in this study is ASA 200 and 240 as it
discuss about fraud detection and how to minimize it as far as
possible. Risk-based approach had been used in the study where risk
need to be appropriately identified as well as managed.
Auditing Theory and Practice: Fraud Detection and Prevention in BC Iron Limited_2
Fraud
Fraud can be defined as a the intentional false representation or
concealment of a material fact so that the company show wring
misappropriations and hide facts from the auditors.
Auditing Theory and Practice: Fraud Detection and Prevention in BC Iron Limited_3
Auditor responsibilities
Auditing procedures for Fraud detection
Auditing procedures for aggressive accounting policies
Auditing procedures for any other misappropriations
Plan and perform the audit for obtaining reasonable assurance
whether the financial statements are free of material misstated or
caused by any other error or fraud
Prepares and examines the financial records
They assess financial operations as well as work to make sure that
the business is running in an effective way.
Auditing Theory and Practice: Fraud Detection and Prevention in BC Iron Limited_4

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