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Article: IFAC Addresses Financial Statement Fraud.
- Article from:
- Internal Auditor
- Article date:
- June 1, 2000
- Author:
CopyrightCOPYRIGHT 2000 Institute of Internal Auditors, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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THE INTERNATIONAL Federation of Accountants (IFAC) recently released an exposure draft to update and expand International Standard on Auditing 240, the current standard on fraud and error. Developed by IFAC's International Auditing Practices Committee (IAPC), Fraud and Error contains new requirements and guidance to assist accountants in recognizing the risk of material fraud and error in financial statements.
"The constantly changing and complex global marketplace continues to provide an environment where the potential for financial statement fraud exists," says Robert Roussey, chairman of the IAPC. "This exposure draft is designed ...