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National Advanced Accounting and Auditing Technical Symposium 2013

Common Audit Failures...It's the Simple Stuff

Jul 12, 2013 4:10pm ‐ Jul 12, 2013 5:25pm


This session will explore the question of audit “failures” amid the existence of fraud. Almost daily, we learn of major frauds through the media. In most instances, the schemes had been ongoing for a number of years before
detection. All eyes then turn to the auditors. Although an audit is not designed to find all instances of fraud, are there simple considerations and documentation auditors might incorporate to improve the end result?
Highlights include:
• Uncover common themes in frauds that went undetected for years
• Importance of linking risks to procedures
• Overly complex entity structures
• Complacency among board/governance
• Ways to help in the prevention of fraud


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