Recent regulatory action highlights the importance of remaining alive to the risks of fraud. Auditors must be aware of how legal requirements and auditing standards guide obligations when reporting suspicions of fraudulent activities.
The primary role of auditors is to provide an opinion on the truth and fairness of the financial statements. Given their access to financial information and sensitive records, auditors are often best placed to detect discrepancies and potential fraud that might otherwise go unnoticed.
https://www.icaew.com/insights/viewpoints-on-the-news/2024/aug-2024/auditor-obligations-on-fraud-in-the-spotlight