Publication

17 May 2021

Responses to Fraud and Going concern: recommendations to strengthen the financial reporting ecosystem Views & Ideas feedback

This page gathers the public responses we have received on the two papers Fraud: recommendations to strengthen the financial reporting ecosystem and Going concern: recommendations to strengthen the financial reporting ecosystem.

About the publications
Corporate fraud is a serious issue that affects us all. Its consequences can weaken the public’s confidence in markets and have long lasting damaging effects on society. The COVID-19 crisis has also increased the pressure on companies. This has created new opportunities to commit fraud making companies more vulnerable to corporate failure.

At the same time, when a company collapses, all stakeholders are affected, from employees to investors, and it eventually erodes the public’s trust in financial markets.

We thus re-examine the role of key parties to make the system more resilient: those within the company, external auditors, standard setters, legislators and public oversight authorities. They must take a coordinated approach to achieve tangible results in tackling fraud.

The system should also become better at dealing with and communicating on issues with a company’s ability to continue as a ‘going concern’. Simply put, if it will remain in business for the next 12 months.

These publications present recommendations to strengthen the financial reporting ecosystem. This is especially topical after recent corporate failures, fraud cases and companies getting under pressure due to the ongoing COVID-19 pandemic.

 

Related content

EventShaping a future-proof corporate ecosystem

12 October 2023

EventPreparing for high-quality sustainability assurance engagements

3 October 2023

UpdateAudit Policy

22 September 2023

Consultation responsePCAOB’s proposed amendments to Auditing Standards related to a company’s noncompliance with laws and regulations

28 July 2023

Consultation responseIAASB’s proposed International Standard on Auditing 570 Going Concern

28 July 2023

UpdateAudit Policy

6 July 2023

EventCorporate Sustainability Due Diligence Directive

5 July 2023

Consultation responseIIASB’s proposed Global Internal Audit Standards

1 June 2023

UpdateAudit Policy

24 May 2023

Consultation responseIAASB’s consultation on proposed Part 10, Audits of Group Financial Statements of the proposed ISA...

3 May 2023

NewsAccountancy Europe calls for an ambitious EU due diligence framework

26 April 2023

Consultation responseIAASB’s consultation on proposed International Standard on Auditing 500 (revised): audit evidence

24 April 2023

UpdateAudit Policy

19 April 2023

Consultation responseIAASB’s consultation on Proposed Strategy and Work Plan for 2024-2027

12 April 2023

NewsTraining Italian accountants to take up the sustainability challenge

20 March 2023

PublicationDynamics influencing auditor choice in the Public interest entity market

17 March 2023

UpdateAudit Policy

17 March 2023

NewsFinnish auditors gearing up for a comprehensive ESG training

3 March 2023

UpdateAudit Policy

10 February 2023

PublicationMulti-stakeholder analysis of corporate failures

8 February 2023

Sign up for our newsletter

* indicates required
Would you like to subscribe to our newsletter?
On which topics would you like to receive news?