, “Strengthening Good Corporate Governance by Audit Committee and Independent Director: Experiences from Fraud Cases” to discuss samples of fraud cases taking place around the world and to raise the awareness of the
, resulting in fewer deficiencies detected. There are, however, other areas in which further improvements are warranted such as audit planning and risk assessments, audit procedures in response to fraud risk
inventory and cost of sales, and the audit of difficult or complex transactions were among the most prevalent observations. It was noteworthy that some of those observations also shared a trait of
issues and accounting transactions completely. In various cases, inspection on auditors’ workpapers led to in-depth inspection concerning fraud and accounting fabrication of listed companies. Following the
involvement of the partner and EQCR in reviewing the workpaper or establishing a process for seeking consultation on difficult or contentious matters about the financial reporting standards. Opinions of
of high fraud risk areas, group audits, procedures addressing going concern issues, and professional skepticism Inadequate documentation of audit works Insufficient supervision in certain high-risk
staff, as well as making it difficult to attract new talents. To improve the retention rate of high-potential employees, several audit firms started to adapt their strategy and policies concerning
Statistics of Criminal Actions (As of 31 December 2023) Cases Persons Cases Persons Cases Persons Cases Persons Fraud 0 0 3 17 0 0 3 14 Fail to exercise duty of care 0 0 - - 0 0 - - Disclosure of
concerning the capital market products set out in item 3.2.1(1). 1 The product contains specific features that are complex and are likely to be difficult for investors to understand and to assess the product’s
the audit engagement. The weighted score of some risk factors may not appropriate; e.g., to allow the score of risk of fraud equal other risk factors. However, the SEC would like to recommend some