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This information paper aims to clarify the auditor’s role in fighting financial crime as to deterrence, detection, communication and reporting
In an audit of financial statements (Audit), the auditor has clear and defined responsibilities in fighting financial crime. These responsibilities derive from ISAs and other specific laws and regulations aiming to combat financial crime. They also draw on fundamental principles of ethics and professional scepticism.
Audit may help deter potential wrongdoers and uncover financial crime. Nevertheless, tackling financial crime must be a joint effort of all relevant parties, including business leaders, the accountancy profession, regulators, standard setters and the financial sector.