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Anti-fraud collaboration webpage
- 26 April 2022
- Accounting
- South African Accounting Academy
Every member in the financial reporting supply chain plays a critical role in deterring and detecting fraud.
The AFC’s mission to enhance the effectiveness of financial fraud risk management means we are committed to sharing resources that can help you in your role to combat fraud.
Click here to access the AFC webpage:
https://antifraudcollaboration.org/
Relevance to Auditors, Independent Reviewers & Accountants:
- Auditors have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) if the fraud is due to non-compliance with legislation that is applicable to their client – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- ISA 240 also sets out specific responsibilities of auditors as it relates to fraud.
- External auditors provide reasonable assurance that financial statements are free of material misstatement, including from fraud, and they must be independent of the company they audit. Auditors should thus understand their role in fraud deterrence and detection.
Relevance to Your clients:
- Only for information purposes
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