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The Association of Chartered Certified Accountants (ACCA) have released a new report providing recommendations in tackling fraud and addressing ongoing concern issues.
The report has been issued by the ACCA, Chartered Accountants Australia and New Zealand (CA ANZ), Chartered Professional Accountants of Canada (CPA Canada) and the Canadian Auditing and Assurance Standards Board (AASB).
One of the main recommendations for tackling fraud is encouraging the involvement of forensic specialists in risk assessment where a high risk is identified. However, auditors ‘should still apply their professional judgement’ when determining how to respond to identified fraud risks, said the ACCA.
Additionally, the report recommends that the International Accounting Standards Board (IASB) and the International Auditing and Assurance Standards Board (IAASB) should ‘supplement the current binary approach’ to disclosing material uncertainty on going concern.
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