Financial crime is harmful and has far reaching negative consequences. An audit of financial statements (hereafter: Audit) may help counter such crimes of fraud, corruption and money laundering.
This information paper aims to clarify the role of statutory auditors in standing up to such crimes. Their role is defined by auditing standards and by specific legislation. These responsibilities also draw on ethics and professional scepticism, part of the principles that all statutory auditors need to adhere to.
Combatting fraud, corruption and money laundering must be a joint effort of all relevant parties, including business leaders, the accountancy profession, regulators, standard setters and the financial sector. We call for a coordinated approach and commitment of all the key players to achieve tangible results.