SOCPA Issues a Guidance Guide to Enhance Audit Quality and Detect Fraud Risks in Financial Statements

الهيئة تصدر دليلًا إرشاديًا لتعزيز جودة المراجعة وكشف مخاطر الغش في القوائم المالية

The Saudi Organization for Chartered and Professional Accountants has issued a new professional guidance guide targeting certified accountants and auditors, focusing on enhancing audit quality and detecting fraud risks in financial statements. The guide addresses auditing standards related to the auditor's responsibilities regarding fraud and the review of accounting estimates and related disclosures, explaining how these standards integrate to build a comprehensive audit approach covering risk identification and appropriate responses. It highlights risks associated with journal entries—particularly manual and period-end entries—as common means of overriding internal controls, and emphasizes that retrospective review is among the most effective tools for detecting bias in accounting estimates by comparing prior estimates with actual outcomes.

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