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Conference Papers

Auditors and the reporting of illegality and financial fraud

Roman Tomasic

Published in:
Complex commercial fraud : proceedings of a conference held 20-23 August 1991
Peter N Grabosky (ed)
ISBN 0 642 16992 6 ; ISSN 1034-5086
(AIC Conference Proceedings; no. 10)

Abstract

It is no longer adequate to allow the auditing profession alone to determine how it should be regulated. There are significant public interest issues at stake and the tax payer has had to meet the substantial costs of the failure of auditors to report matters which have clearly come to their attention. Examples from the United Kingdom, America and Australia illustrate some of the problems which exist with auditing practices. If even large accounting firms are prepared to cut corners and take advantage of the ambiguities which accounts may present, then it is clear that the auditing profession needs to reassess its policies.