OTCPK:TOUBF - Post by User
Comment by
Preteriston Jun 28, 2011 8:30pm
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Post# 18776719
RE: PWC:audit not designed detect fraud
RE: PWC:audit not designed detect fraud"The head of PwC was trying to explain that a financial statement auditis not designed with the sole purpose of detecting fraud. HOWEVER, theaudit is designed to identify misstatements, whether due to FRAUD ORERROR, that are material to the financial statements. This is part ofthe signed audit opinion. If the auditor's are DECEIVED - that is adifferent story, and the courts would have to assess whether theauditor's were negligent.
And, the chair of PwC was referring toFINANCIAL STATEMENT audits. What PwC is completing for TRE is aninvestigation into potentially fraudulent transactions and accounting.Very different"
I am glad someone can finally make the correct distinction in audits.