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what kind of audit reports we can give if we discover a fraud in audit of any company
it depends on the nature of fraud you discover in audit. it can be qualified, qualified and adverse. it changes on scenario basis
n you please tell the scenario as we have caught a payment through cash instead of cross cheque. payment amounts to 3,300 $. company profits are 89,000$.
this is not a typical fraud and in my opinion it has very very little impact (impact of fine from tax authorities, if any) on financial statements. furthermore since the amount is not material (less then 5% of profit) so i think report will be ok if no other issue is find.
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