Fraud is a common business and audit risk that needs to be managed. Many boards and management lack a basic understanding of prevention and detection controls that can significantly reduce it and fail to learn lessons from fraud. New ethical and auditing requirements place additional responsibilities on non-compliance with laws and regulations. This session will:
- Look at recent frauds and what could have done to prevent and detect them
- Describe how new ethical and audit rules on non-compliance affect professional accountants and auditors, and
- Review the revised ASA 250 Considerations of Laws and Regulations in an Audit of a FinancialReport.