Internal auditors, external auditors, board members and financial executives disagree over who has responsibility for deterring and detecting financial statement fraud, according to a new report.
The report, from the Anti-Fraud Collaboration, a coalition between the Center for Audit Quality, Financial Executives International, the National Association of Corporate Directors, and the Institute of Internal Auditors, found significant expectation gaps among the four groups in the financial reporting chain. The areas of greatest disparity appear to be who has the primary responsibility for deterring financial reporting fraud, how confident each group is in their ability to detect material misstatements, and whether each party appropriately strikes the balance between trust and skepticism.
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