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who do you want to blame?

fraud detection? who is responsible? director or auditor?

its actually the director's responsibility but if the situation insists that the external auditors are responsible then, that is why the Courts of Law are there to assist... as the matter can be brought to court for a lengthy public trial.....the auditors and directors will testify and give accounts of their responsibilities within the company...auditors are usually protected via the LETTER OF ENGAGEMENT and the directors would need to follow suit with the LETTER OF REPRESENTATION..

back to the basics of Auditing in year 2 degree level (non-professional accountancy / chartered accountancy level) states that 'fraud detection is not the external auditor's responsibility but of the directors of the company who designs the company's policy and procedures'......'auditors on the other hand cannot assist the directors but may remind the directors of their duties to detect fraud within their own company'....'this is because auditors AUDIT the policies and procedures of the company'...

Audit Oversight Board, Securities Commission Malaysia

to err is human

The current Executive Chairman of the Audit Oversight Board of Securities Commission Malaysia is :

Mr Nik Hasyudeen who is a Fellow Member of CPA Australia and also a member of the Malaysian Institute of Accountants (MIA) ....

The Audit Oversight Board (AOB) audits the external auditors so you can report to him of any wrongdoings of the external auditors...plus the AOB are present in every country that employs External Auditors including the USA, UK and the G7 countries..in which their professional accountancy bodies are governed by the International Federation of Accountants (IFAC)..www.ifac.org

external auditors are normal human beings who commit mistakes which are deemed ERRORS ( ERRORS which are committed unintentionally)

ERRORS are different from FRAUD (in which FRAUD is committed with an intent or purpose to CHEAT or DECEIVE the stakeholders)

Who Audits The Big 4 Auditors / any External Auditors in MALAYSIA?

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