Protecting against Detection: The Case of Auditors and Fraud?

Abstract

The auditor′s responsibility with respect to fraud has been one of the issues which has been associated most persistently with questions about the adequacy of audit performance. Examines the way in which the position of the accountancy profession in Britain on this subject developed during the 1980s – a period of considerable professional activity with respect to the issue of the auditor and fraud. While the profession has been persuaded to accept additional responsibilities concerning the reporting of detected fraud, it is argued that no such development has occurred with respect to the auditor′s responsibilities concerning fraud detection. The current nature of the auditor′s duties regarding fraud detection is seen as contestable. While further government action may force the profession to assume additional responsibilities in this respect, any such developments are seen as needing more detailed investigation of the precise capacities of audit practice in detecting (particularly management) fraud.

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