A new report from the Public Company Accounting Oversight Board summarizes how practitioners have been implementing interim standards relating to auditor responsibility to detecting fraud.

Among the topics addressed in the 14-page report are:

  • Auditors’ overall approach to the detection of financial fraud;
  • Insights gleaned from brainstorming sessions and fraud-related inquiries;
  • Practitioner responses to fraud risk factors;
  • Financial statement misstatements; and,
  • Fraud associated with management override of controls.

While the report doesn’t offer any new interpretation of existing standards, the board issued the report to provide information that audit committees may find useful in working with auditors. A number of the inspection observations described in the report led PCAOB officials to communicate quality control concerns to the firms at which the deficiencies were found.The full text of the report is available at www.pcaob.org/Inspections/Other/2007/01-22_Release_2007-001.pdf.

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