“Our office is available 24 hours, 7 Days a week. Post Coronavirus, we mainly operate remotely and we are available in our office by appointment. We have several representatives available to take care of your needs however we understand the need to sometimes come into our place of business in order for you to meet with one of our Protection Specialists and discuss your concerns. We highly value the person to person relationship and are readily available to meet with you in person”.
888-995-6019 Office No Ext. 813-995-6013 x 101 Direct.
Email: info@centurioninsuranceafs.com

Company Auditors Face More Rigorous Role in Spotting Fraud: Global Body *Centurion Insurance AFS*

Feb 08, 2024 (0) comment , , , , , , , , , , ,


Accountants must play a role in spotting fraud when they check the books of companies, a global standard setting body for corporate auditing said in robust proposals Feb 6.

The International Auditing and Assurance Standards Board (IAASB), which writes norms for auditors, said recent corporate failures across the world have underscored the importance of clarifying and enhancing the role of auditors in responding to fraud and suspected fraud.

“While auditors are not policemen, they can and must play a role in identifying and responding to material misstatements of the financial statements due to fraud and communicating their work to users,” IAASB chair Tom Seidenstein said in a statement.

The proposals, put out to public consultation until June, revise and strengthen an existing rule to clarify auditor responsibilities relating to fraud in an audit, and enhance documentation requirements about fraud-related procedures.

IAASB norms are applied by auditors such as KPMG, EY, PwC and Deloitte or the “Big Four” that dominate corporate auditing in many countries.

Accountants have argued they are just one piece of a jigsaw that includes regulators and company boards.

Efforts to put more responsibility on auditors in Britain to spot fraud increased after accounting scandals at Patisserie Valerie cafe chain and elsewhere, though plans to legislate for a more powerful regulator are still in limbo.

Britain is also tightening responsibilities on company boards to ensure accuracy in statements.


Was this article valuable?

Here are more articles you may enjoy.

Interested in Fraud?

Get automatic alerts for this topic.


Source link

Comment (0)

Leave a Comments