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Auditor reporting an offence

  • 15-01-2010 8:32pm
    #1
    misspiggy40
    Users Awaiting Email Confirmation Posts: 277 ✭✭


    Hi guys.

    Can anyone help me with this??

    Writing an assignment about an auditors obligation to report offences when he is auditing financial statements. (I have no problem with the reasons, it's all in the legislation and the ISAs) But my question specifically asks when would he make such a report to the Financial Regulator. I cant see any specific reference to the financial regulator, (I see ODCE specifically) but I am guessing that it would be when the Fin Stats belong to an entity in the Financial Services sector.

    Does anyone have any pearls of wisdom to share??

    Thanks in advance.;)


Comments

  • #2
    censuspro
    Registered Users, Registered Users 2 Posts: 881 ✭✭✭censuspro


    The copmany that you're auditing would have to be regulated by the financial regulator i.e. a mortgage broker or Investment Intermediary, bank etc.

    Copy of audited accounts is sent to the financial regulator along with a letter of weakness.


  • #3
    misspiggy40
    Users Awaiting Email Confirmation Posts: 277 ✭✭misspiggy40


    Thanks Censuspro. You are a star among men....or women????:D Anyhow, I was dearly hoping that was the case because that is how I wrote it and I really didn't want to have to amend it.


  • #4
    misspiggy40
    Users Awaiting Email Confirmation Posts: 277 ✭✭misspiggy40


    Oh yes and I did not know about the copy going with the letter. That should be worth a brownie point!!! Thanks again.


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