New York (Nov. 4, 2002) -- The Auditing Standards Board of the AICPA has issued SAS No. 99, Consideration of Fraud in a Financial Statement Audit, that gives U.S. auditors increased responsibility for detecting material fraud.
"While many reforms have been focused on public companies that have to file with the SEC, this Standard affects how the auditor conducts audits of any company, and encourages an expansion in consciousness of this issue throughout the audit," says Michael Stevens, editor in chief of Practical Accountant.
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