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Fraud detection in an audit report, coming soon?

A Big Four accounting firm’s CEO has said auditors should do more to uncover fraud that is material in nature

September 17, 2020 / 01:24 PM IST
Fraud detection in an audit report, coming soon?

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The Wirecard accounting scandal, that tipped the company into insolvency, has nudged the company’s auditor to cross a Lakshman Rekha that’s for long been sacred to the profession. EY Global’s chairman and CEO, Carmine Di Sibio, in a letter to clients, said that auditors should play a bigger role in detecting fraud, according to the Wall Street Journal. “Whilst the primary responsibility for the prevention and detection of fraud is with the management and supervisory boards, audits should play...

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