Opinion
Why can’t top auditors find fraud?
US regulators have put forward a series of proposals to clarify and extend responsibilities to spot wrongdoing.
Stephen FoleyFor decades, investors have lamented how rarely external auditors uncover corporate fraud. From Enron to Wirecard, the cry after each scandal is, where were the auditors?
The Association of Certified Fraud Examiners’ biennial report on how workplace fraud gets detected has typically shown auditors are the ones uncovering the wrongdoing only 4 per cent of the time.
Financial Times
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