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Are Auditors Responsible for Fraud Detection?

Are Auditors Responsible for Fraud Detection?

by Starling Insights

Starling Insights Editorial Board

Oct 17, 2022


In a statement published last week, Paul Munter, Acting Chief Accountant of the US Securities and Exchange Commission (SEC), made clear that auditors should view themselves as responsible for detecting fraud.

As required by Public Company Accounting Oversight Board (PCAOB) standards, auditors must maintain "professional skepticism” in the course of their work, and they should not assume that intentional misstatements — however minor — are immaterial.  

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