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.
This content is available to paid Members of Starling Insights.
If you are a Member of Starling Insights, you can sign in below to access this item.
If you are not a member, please consider joining Starling Insights to support our work and get access to our entire platform. Enjoy hundreds of articles and related content from past editions of the Compendium, special video and print reports, as well as Starling's observations and comments on current issues in culture & conduct risk management.
Join The Discussion