Using audit technology to address fraud

Audit fraud occurs when a business is discovered to have fraudulently manipulated financial statements in order to manipulate its financial health or conceal profit or loss. In order to prevent fraud from happening, there are many initiatives taken by various companies to avoid financial and reputational damage to customers and financial institutions.

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In anticipation of long-awaited government proposals to reform audit and corporate governance, audit firms are adopting new technologies to highlight and remove false perceptions of fraudsters. Digitisation, audit reforms, innovation, and intelligent data use are fundamentally altering the audit process, including fraud detection. Data analytics and AI are allowing audit teams to better focus audit testing. Firms have also invested billions of dollars in the UK and globally to enhance audit quality, including the detection of fraud, with a strong emphasis on AI.

Click on the link below to know what is the audit technology are being use to address fraud:

https://www.icaew.com/insights/viewpoints-on-the-news/2023/jan-2023/using-audit-technology-to-address-fraud

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