![]() For standardization purpose, the America Institute of Certified Public Accountants (AICPA) came up with set of rules known as the Generally Accepted Auditing Standards. This trend has worried most managers forcing them to look for external auditors to verify their daily transactions. The annual report of the Association of Certified Fraud Examiners (ACFE 2006) estimates that organizations lose up to 5% of their revenue to fraud related activities. Globalization and technological advance have further made the situation to become complex, as auditors have to compete with knowledgeable and well equipped fraudsters. In today’s tumultuous and multifarious economic environment, the level of fraud has drastically increased in many organizations.
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