The fraud as an exception to independence principle in letter of credit

On the one hand, the principle “fraud unravels all” is one of the most important principles in the civil law, because of the law doesn’t protect the person who act in bad faith. On the other hand, the independence principle is the most important principle in the letter of credit. Which that principle means: the bank’s obligation to pay is separated from the underlying contract’s performance, and the bank must honor the credit if the beneficiary presents the compliant bills of documents, as well as the beneficiary is protected from the risks of non-payment. So, what is the influence of the fraud on the independence principle. That is what we are going to discover.

The Role of planning the Audit in Detecting the Significant Irregularities in the financial statements of clients (Field Study in the audit companies and firms at Syria)

The study aimed to test the role of planning in detecting the significant irregularities in the financial statements of the clients in the audit companies and firms, where the research came to provide a knowledge about the concept of planning an it‟s activities, beside its role in increasing the ability of the auditor in detecting the significant irregularities in the financial statements of Clients. In this context, the research community is determined as audit companies and firms, a sample of (60) individuals that are working in the field of auditing in Damascus companies and firms were picked up, finally the researcher reach to a group of conclusions: 1. There is a significant positive correlation between obtaining information about the customer and detecting the significant irregularities in the financial statements of clients. 2. There is a significant positive correlation between obtaining the information of the legal obligations of the client and detecting the significant irregularities in the financial statements of clients.. 3. There is a significant positive correlation between the implementation of the initial analytical procedures and detecting the significant irregularities in the financial statements of clients. 4. There is a significant positive correlation between the assessment of materiality and detecting the significant irregularities in the financial statements of clients.. 5. There is a significant positive correlation between audit risk assessment and detecting the significant irregularities in the financial statements of clients..

The Extent of Auditors’ Response to Assessed Risks of Material Misstatement Due to Fraud (Field Study)

The study aimed to identify the extent of auditors’ response to assessed risks of material misstatement due to fraud. To achieve the study objective a questionnaire was developed that included the most important audit procedures designed as responses to assessed risks of material misstatement due to fraud which are classified according to the International Auditing Standards into two main groups: overall responses at financial statement level, and other ones at assertion level; to identify the extent of auditors’ response to those risks within the research community represented by accredited auditors at Syrian Commission on Financial Markets and Securities (SCFMS).

The Role of Governance Rules to Improve the Ability of the References to the Discovery of Fraud in the Financial Statements A Field Study of Companies Listed on the Syrian Securities Commission

This study aims to identify the role played by the rules of corporate governance contribute to the Syrian, in the estimation of the external auditor for the possibility of fraud in the financial statements, and what kind of impact this and any rules more effective. For that it has reviewed the researcher concept of corporate governance, and the concept of fraud in the financial statements, and the responsibility of references appreciation and discovery, according to some international standards and the U.S., has introduced a researcher some previous studies on the relationship between corporate governance and fraud in the financial statements , and to achieve the aim of the research objective knowledge of the role played by corporate governance in the estimation of the external auditor for the possibility of fraud in the financial statements , is designed to form questionnaire includes several cases have been employed to deal with all the hypothesis of the research hypotheses which have been drawn by reviewing previous studies, where the percentage of questionnaires, missed calls 70.97 % showed results study the existence of a positive impact of corporate governance in general and raised the base is different for each of the governance rules independently. The study concludes with some recommendations where the researcher recommended activating governance in companies contributing to Syria through the commitment of all companies listed on the stock and financial markets, the application of the rules of governance well to this application of a positive impact on improving the quality of financial statements, and thus the ability of the external auditor to assess the likelihood of fraud.

The Implications of the Risk Approach for the Auditing Profession in Syria

This paper seeks to assess the extent to which the auditing profession in Syria depends on risk assessment. This study starts by analyzing the importance of the risk approach and its implications for contemporary auditing. The study intends to examine to what extent, if at all, the Syrian auditing profession takes the assessment of auditing risk factor into consideration and the correlation, if any, between risk and other related factors such as business risk, assessment risk, and control risk. To this end, the researcher designs a questionnaire and sends it to 100 auditors through the Association of Syrian Certified Accountants. 51 questionnaires are properly filled. To analyze data, SPSS package has been used. The results have clearly confirmed the hypothesis that the auditing profession in Syria does not depend on risk assessment.

The Role of audit committees to prevent fraud in Syrian public companies (Field study)

After the collapse of major international companies, the attention has been increased to provide appropriate mechanisms to reduce the causes of these collapses. Some of these causes were related to fraud in financial reporting. One of the used mechanisms is the audit committee which plays the role of supervisor in the companies. The objective of this research is to study the role of audit committees in reducing fraud in the Syrian public companies, and to achieve this goal, the researcher has prepared questionnaire which has been distributed to some members of audit committees in the Syrian public companies and some external auditors, the questionnaire has included audit committees’ characteristics and their tasks which would reduce fraud. The researcher has found that audit committees’ characteristics and their tasks reduce fraud according to the research samples.