Fraud Detection and Prevention: A Review of the Latest Developments in U.K. Audit

FLETCHER, Neil, AWOLOWO, Francis and GARROW, Nigel (2021). Fraud Detection and Prevention: A Review of the Latest Developments in U.K. Audit. Journal of Modern Accounting and Auditing, 17 (1), 1-13.

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Abstract

Proposed reforms to U.K. audit are reviewed from a fraud detection and prevention perspective. A holistic four-actor model that encompasses: the directors, auditor, shareholders, and the regulator, is used to frame the discussion. Focus is drawn to the mediating role of the Audit and Assurance Policy. The paper argues that the proposed reforms have some potential to reduce the audit expectations gap. However, the problem of agency costs and the advisory nature of shareholder voting on the Audit and Assurance Policy significantly limit the possible effectiveness of the reforms from a fraud detection and prevention perspective. Suggestions for future research are made.

Item Type:	Article
Uncontrolled Keywords:	1501 Accounting, Auditing and Accountability; 1503 Business and Management
Identification Number:	https://doi.org/10.17265/1548-6583/2021.01.001
Page Range:	1-13
SWORD Depositor:	Symplectic Elements
Depositing User:	Symplectic Elements
Date Deposited:	26 Jul 2021 10:33
Last Modified:	26 Jul 2021 10:45
URI:	https://shura.shu.ac.uk/id/eprint/28864

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