Pursuing the Brydon overview of audit, and the latest and forthcoming revisions to auditing specifications on fraud, which include ISA (United kingdom) 240, there are important modifications with regards to auditor duty and scepticism, danger evaluation, responses to chance and evaluation of evidence, and communication to management.
The function of the auditor in the detection of fraud has been underneath the spotlight for some time, for a selection of motives. In the United kingdom, this has led to a not too long ago revised auditing regular and more changes proposed in the govt White Paper on Restoring Have faith in in Audit and Company Governance. Adjustments are also on the way internationally.
This write-up will take into consideration exactly where we are, how we got below and where we are heading how auditors are affected and supply pointers to some beneficial information and useful support resources.