The institute issued this warning as it welcomed publication of the International Audit and Assurance Standards Board’s proposals for a new international auditing standard on fraud.
Andrew Ratcliffe, chairman of the ICAEW’s Audit and Assurance Faculty, said: ‘Firms need to promote and reinforce professional scepticism, through training, encouraging good communication in the firm and between audit and client staff, and audit procedures that are based on an active consideration of the exposure of individual clients to the risk of fraud from any source.’
ICAEW said the new proposals on fraud would mean increased emphasis on the risk management of fraud, and specific audit procedures to address that risk.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements