The discovery that fraud exists has implications for the public company auditor's report on internal control over financial reporting.

Question

Quizplus · Accepted Answer

The discovery of fraud would impact the auditor's report on internal control over financial reporting because fraud indicates weaknesses in internal control systems. It may require changes to the auditor's assessment of the company's internal controls and the level of assurance provided in the auditor's report.

The Discovery That Fraud Exists Has Implications for the Public