Sample Essay

Auditors need regulations such as SOX to help detect fraud during the audit process. Without this information, there is bound to be an increase in fraud because auditors may not be able to detect such fraud during the engagement, just as it was in Enron’s case (Kramar, 2000).

Fraud detection by independent auditors is an important requirement to emerge from the recent corporate scandals. Kramar (2000) agreed that auditors must do more to discover fraud, which is what the public needs, and that audits reduce the probability of occurrence of fraud by a significant value. In addition, to detect fraud, Lawrence (2001) says that auditors should practice professional skepticism during an audit, and that the audit personal should be knowledgeable, skilled, and well-trained so that fraud can be recognized and the fraud risk determined. Hence, auditors should also be wary of questionable accounting principles utilized by management, to ensure that the interior control system is adequately effectual to prevent and detect fraud occurrence probability.

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