Why do we need professional standards, related to fraud detection, for internal and external auditors?
Need of Professional Standards in Fraud Detection
There are several reasons behind the requirement of professional standards for both internal and external auditors. The internal auditors are mainly governed by standards issued by the Institute of Internal Auditors (IIA), while external auditors are governed under the standards of the American Institute of Certified Public Accountants (AICPA). With regard to fraud detection, professional standards for auditors are needed to enable them to detect misleading information in financial statements. It is because ...
This tutorial provides a response to why we need professional standards, related to fraud detection, for internal and external auditors. Key reasons for the need of professional standards are discussed in this post.