With fraud and financial misconduct continuing to make global headlines, expectations for auditors are rising. To address these evolving risks, the International Auditing and Assurance Standards Board (IAASB) has released ISA 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, a sweeping update that reinforces the auditor’s role in fraud … Read more
With the rise of generative AI tools like ChatGPT, creating realistic fake invoices has become disturbingly easy. What once took hours of manual forgery can now be executed in seconds—at scale. For auditors, that changes everything. The Problem: Fake Invoices Are Undermining Trust Invoices have long been considered one of the most trusted forms of audit evidence. … Read more
A financial audit is one of the most complex and challenging tasks in modern finance. Audit risk—the risk that an auditor fails to spot mistakes in financial statements—is a problem any auditor, no matter how experienced, can face. Audit risk detection is crucial for businesses as it helps identify inaccuracies and potential fraud in financial … Read more
