UK-Backed Review Calls On Auditors To Find & Report Fraud

Law360, London (December 18, 2019, 5:45 PM GMT) -- A government-backed review released Wednesday has proposed sweeping changes to the role of auditors, following the U.K.’s decision earlier this year to beef up the country’s audit regulator in the wake of a series of high-profile corporate failures.

The long-awaited review by Donald Brydon, former London Stock Exchange chairman, focuses broadly on the role of audit, and proposes a far wider scope of responsibilities for auditors than the current requirements, including requiring them to “endeavor to detect material fraud in all reasonable ways.”

“There needs to be a fundamental shift in definition and approach to ensure that all appropriate opportunities are...

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