As reported by media including National Pulse, Gnews.org, etc, there were fraudulent accounts, fraudulent election data and fraudulent data of coronavirus or CCP virus.
An article The audit of assertions stated that auditor will design substantive procedures to gain assurance over all relevant assertions of transactions. Assertions concerning transactions listed in ISA 315 (Revised) i.e. International Standard on Auditing 315 (Revised), Identifying and Assessing the Risks of Material Misstatement include Occurrence, Completeness, Accuracy, Cut–off, Classification and Presentation.It can be expected that if there’s any misstatement of data arising from fraud of CCP virus, election and financial statements of companies from Communist China (PRC) listed in international capital markets including Hong Kong Exchange, New York Stock Exchange or London Stock Exchange, there are two kinds of fraud: stealing followed by false statement and fraudulent reporting to obtain unjust advantage or favour. Whichever kind of fraud will be reflected in the 6 assertions.
The forms below listed examples of possible misstatement means that may have been reported and unreported by media.
In various circumstances, the main fraud areas of assertions varied. Therefore, different audit approaches or legal battles are being taken to take down the CCP.