Fraud

Auditors’ Responsibilities Regarding Fraud – Do They Have to Report Fraud?

Over the past few years, it can be seen that auditors’ responsibilities towards reporting any possible gaps in the financial statements have increased exponentially. This is primarily because of the major scandals that have greatly impacted the accounting profession as a result of the fraud. Therefore, to maintain integrity and confidence in the profession of …

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What is Fraud? Definition, Types, Reasons, and Managing

Definition: Fraud is the intentional activity to gain personal benefit directly or indirectly illegally, against organization or entity policy. It is ultimately different from error and corruption. An elementary example of fraud is that the accounting staff pay salary to fake employee’s account that creates by himself is also called fraud. In such a case, accounting …

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Internal Auditor’s Responsibilities on Fraud

Establishing the internal audit department is part of internal control and risk management in the organization, which is why the internal audit department exists. The risks that internal auditors should oversee are limited to internal control, operational risks, compliance risks, financial risks, and the risk of fraud. In this article, we will discuss the role of …

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