|
|
08 Nov 2007
When Grant Thornton asked US chief financial officers (CFOs) and comptrollers if the auditor’s responsibility was to detect ‘any or all fraud’, an overwhelming majority, at 83.26%, said ‘no’, while 16.74% said ‘yes’.
To the question ‘do you think it is possible for auditors to detect any and all corporate fraud (even if they think they are being intentionally misled by management with respect to a company’s financial health), 83.26% of respondents replied ‘no’ and 16.74%, ‘yes’.
Perhaps more troubling, 62% of respondents believed it would be possible to intentionally misstate their financial statement to their auditor, against 37.10% who did not.
Furthermore, the eXtensible Business Reporting Language (XBRL) approved by the US Securities and Exchange Commission last May is far from reality as almost half of CFOs, at 47%, were not even aware of the new standard for tagged business information and only 0.45% expected to file in XBRL format for the 2007 financial year.
Further reading:
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment