Fraud and non-compliance with laws and regulations are ever-present common business and audit risks that need to be managed. Many boards and management lack a basic understanding of prevention and detection controls that can significantly reduce risks. They often rely on external auditors to detect them, a misplaced strategy. Let’s look at how to manage them.
This session will:
- Recap the key responsibility under ASA 240 The Auditor’s Responsibilities Relating to Fraud in Audit of Financial Report and ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report
- Review new guidance on the application of professional standards to whistleblowing
- Discuss examples of recent frauds and NOCLAR and how they can be avoided and detected
- Look at the revised ASX ‘Corporate Principles and Recommendations’ – Principle 3 Instil a culture of acting lawfully, ethically and responsibly, and
- Discuss what should be in your fraud checklist.