Auditors have the responsibility to review and verify a company’s outgoing information about sales, revenue and other business operations. While as a society, many hope that fraudulent reporting would not exist, this is not the case. But the question arises regarding the auditors who perform the in-depth examinations on numerous companies.
This question is examined in Ben Dipietro’s “Accountants Should Focus on Detecting Fraud, Experts Say.” While relating to the core responsibilities of an auditor, it is shocking to discover that less than 1% of the CPA exam focuses on fraud and fraudulent reporting. And as the number of fraud cases increasing every year, it is impossible to believe that a lack of fraud detection training is still prominent within the CPA program. Another interesting fact brought forth is the notion that many auditors lack experience in detecting motivation and signals leading to the detection of fraud. This lack of emphasis and training of fraud detection will eventually lead to a large financial problem if it is not addressed. While our world grows and develops it is important for restrictions and regulation to be maintained in order to create a safe and ethical environment for business and individuals. For this reason it is crucial that auditors and financial accountants receive the necessary training and experience to preform well in their deemed responsibilities.
Article can be view at:
Image can be viewed at:
http://www.desaiassociates.ca/files/website/accounting-and-finance.jpg