After obtaining sufficient knowledge of that system, the auditor must perform audit procedures to verify the recipient s internal control system works properly, and the recipient s federal program operations comply with laws and regulations ( e . g ., the compliance audit portion of the Single Audit ).
42.
On July 16, 2002, Capital One announced it had entered into a memorandum of understanding with the Fed under which it would increase its reserves against bad loans and upgrade its technology and audit procedures used to provide loans and credit cards to consumers with a poor history of borrowing.
43.
In performing audit procedures such as those presented in paragraph . 05, the auditor may identify information about certain conditions or events that, when considered in the aggregate, indicate there could be substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time.
44.
In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.
45.
A complete audit procedure, very similar to the ones proposed by ASHRAE and Krarti ( 2000 ), has been proposed in the frame of the AUDITAC and HARMONAC projects to help in the implementation of the EPB ( Energy Performance of Buildings ) directive in Europe and to fit to the current European market.
46.
The auditor is responsible for determining the nature, timing, and extent of the audit procedures necessary to meet the audit objectives ( i . e ., it is the auditor who determines the necessary amount of his / her audit work needed to form an opinion on whether the recipient complied with laws and regulations ).
47.
The fraud was given legs when BDO International in Cyprus " knowingly or recklessly failed to conduct even the most basic audit procedures that would have detected A . C . L . N .'s financial fraud and A . C . L . N .'s forgery of bank account statements to conceal the fraud, " the SEC said in court papers.
