Auditors focusing more on fraud detection

Auditors are increasingly taking responsibility for fraud detection and cybersecurity at companies, whether they like it or not.

“The bottom line is that if there’s fraud and the auditor did not discover the fraud, there’s a 99 percent chance that the auditor will be sued,” said Ralph Summerford, president of Forensic Strategic Solutions, a financial investigation firm that specializes in fraud examination. “It’s not just the large firms, but also the small firms.”

Summerford will be speaking this week at the Association of Certified Fraud Examiners’ annual fraud conference in Nashville. His topic this year is the auditor’s responsibility to detect fraud. “I’m not just talking about CPAs,” he said by phone. “I’m talking about internal auditors, governmental auditors, any auditor that does auditing work, and people like Certified Fraud…

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