This webinar examines the role of Auditors for detection of Fraud and Errors. It deals with the requirements of ISA 240 and the revised role of auditors in the examination of the financial statements. The traditional ‘‘watchdog not bloodhound” philosophy regarding the extent of Auditor’s responsibilities for fraud detection may no longer be valid in the context of the Clarified ISAs.
The outbreak of the COVID-19 pandemic has heightened the focus on the responsibilities and greater scrutiny of the auditor’s work especially in relation to the area of risk and fraud. In the light of the pandemic, auditors may need to reconsider and re assess the Risk of Fraud in the NEW NORM.
Fraud is a highly controversial area as far as the auditors are concern, and the extent of responsibilities for detection and prevention of fraud has advocated many discussions and arguments in the recent years.