Why accountants must focus more on fraud

Accountants must pay more attention to detecting fraud as standards and regulations requiring auditors to find material misstatements are being refined with new procedures, say Brian Fox, president of Confirmation.com, and John Keyser, national director of assurance services at McGladrey. These procedures include identification of fraud control deficiencies and more fraud awareness training. Audit teams are also being encouraged to discuss where fraud might occur and what policies might prevent it.

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Wall Street Journal (tiered subscription model), The

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