On 13 January, ICAEW says that fraud is a complex issue. Misinterpretations are commonplace in terms of both what counts as fraud and at what point auditors can be expected to spot it. Transgressions are not always obvious and the line between error and fraud can be blurred. Still, there are red flags that may indicate material fraud in financial accounts, albeit they are often hard to spot. It stresses that it is vital for auditors, internal auditors and management to be aware of the tricks that fraudsters use in order to detect fraud and prevent fraudulent activities. The news release refers to a report from 2022 – Sharpening the Focus on Corporate Fraud: an Audit Firm Perspective.
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