What are the common signs of audit fraud?

What are the common signs of audit fraud?

Common signs of audit fraud include discrepancies in financial records, unusual transactions, and lack of documentation.

How can companies prevent audit fraud?

Companies can prevent audit fraud by implementing strong internal controls, conducting regular audits, and promoting a culture of transparency.

What should I do if I suspect audit fraud?

If you suspect audit fraud, report your concerns to management or the audit committee, and consider seeking legal advice.

Are there any legal consequences for committing audit fraud?

Yes, audit fraud can lead to severe legal consequences, including fines, restitution, and imprisonment for those involved.