Distinguish between an auditor’s responsibilities to detect and report errors, illegal acts, and fraud. What role does materiality have in determining the proper reporting and disclosure of such events?

1. Distinguish between an auditor’s responsibilities to detect and report errors, illegal acts, and fraud. What role does materiality have in determining the proper reporting and disclosure of such events?2. Read (20) MiniScribeWhat might have motivated MimiScribe employees to overstate their company’s earnings?How did MiniScribe employees prevent the auditors from discovering the overstated inventory?Proverbs 16:18 states “Pride leads to distruction, and arrogance to downfall”, yet pride can also prevent us from acting ethically. Admitting wrongdoing or defeat, and taking responsibility for problems is painful, but is often the quickest way to the right path. Reflect on something that went wrong in your life in the last year (large or small) and how you can accept responsibility for some or all of it, even it you did not do so at the time.