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Fraud: Meeting the Challenge through External Audit - Essay Example
Author : leokuvalis
Finance & Accounting
Pages 7 (1757 words)
Fraud – Meeting the Challenge through External Audit Research Paper Outline Fraud in business enterprises has become one of the major phenomenons in the industry. The research paper will describe the fraud cases in Canadian organizations as well as the role of external audit to meet the fraud challenges…
To prepare the research paper, data has been collected from various secondary sources such as, internet journals and academic websites. The basic premise of the research is to generate an understanding about fraud and role of external audit; how frauds have taken place in Canadian organizations, its impact and the limitations of external audit to face the problems of fraudulent activities. Table of Contents Research Paper Outline 2 Table of Contents 3 Introduction 4 The Duty of External Auditor 5 Fraud in Canadian Organizations 7 Challenges of External Audit 10 Conclusion 13 Introduction Fraud can be defined as a planned activity which is intended to betray other party. It results in sufferance of the victim through loss and accomplishment of any gain by the doer. Fraud is any unlawful act characterized by dishonesty, concealment or breach of faith. However, fraud does not mean any threat of bloodshed or physical force to deceive. It is committed by human beings and organizations to acquire money, assets or services and to evade fee or protect individual or corporate benefits. From the auditor’s viewpoint fraud is the misrepresentation of a company’s financial statement. The misrepresentation can happen because of fraudulent financial statement or embezzlement of asset. ...