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16 Oct 2002
In a move aimed at stamping out corporate fraud, the American Institute of Certified Public Accountants has instructed auditors to 'approach every audit with professional scepticism and not assume that management is honest' as part of a new standard called SAS 99.
'It puts fraud at the forefront of the auditor's mind,' said Barry Melancon, chief executive of the AICPA.
SAS 99 calls on auditors to 'put aside any prior beliefs as to management's honesty' and says members of the audit team 'must exchange ideas or brainstorm how frauds could occur'.
In addition the audit team is 'expected to inquire of management and others in the organisation as to the risk of fraud and whether they are aware of any frauds'.
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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. 
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