BRITISH GOVERNMENT MULLS ROOT-AND-BRANCH AUDIT REFORM TO IMPROVE FRAUD DETECTION
May 1st, 2021
Auditors in the UK are on the cusp of transforming their approach to fraud, pushed by a long-deliberated reform in audit guidance by the government.
It has released a white paper ‘Restoring Public Trust in Audit and Corporate Governance’ that suggests forcing more responsibility on auditors for fighting financial crime in the UK.
The white paper’s headline recommendation is to change the UK’s audit standards to give auditors an “obligation” to look for material fraud “in all reasonable ways”. Assuming the government takes these proposals ...
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