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Fraud Challenge

by msecadm4921

The Institute of Chartered Accountants in England & Wales (ICAEW) has published Fraud; Meeting the Challenge through the External Audit, for audit firms to develop their fraud detection procedures. Visit www.icaew.co.uk/auditassfac

Andrew Ratcliffe, Chairman of the ICAEW Audit and Assurance Faculty, said: “Public expectations of auditors are increasing, and we need to continuously improve the ways that we detect fraud. Finding fraud, particularly where it involves collusion or concealment by management is always a challenge, but auditors need to have in place quality assurance programmes which are designed to pick up and apply best practice as it evolves, to stay one step ahead of any would be fraudsters. Auditors are not, and indeed should not be, held responsible for detecting all fraud, but we must play our part to improve the overall detection rate to help maintain public trust in published accounts following the recent spate of US accounting scandals.”

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