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To Root Out Covid Fraud, Be Unpredictable, Audit Regulator Says

Dec. 9, 2020, 6:52 PM

Auditors should be less predictable as they plan annual financial statement reviews for the most challenging year for corporate America since the 2008 financial crisis.

That was the message of George Botic, inspections director for the Public Company Accounting Oversight Board, who said Wednesday that auditors should be prepared to update their planned testing for areas that are ripe for errors or fraud this year. The ongoing pandemic and the continued economic uncertainty, he noted, exacerbate old risks and create new opportunities for fraud.

  • “I encourage a renewed focus on fraud procedures and, in particular, how the auditor ...