Report on Corporate Frauds in Bangladesh

5564 Words23 Pages
Report on Corporate Frauds & the Role of the auditors: Bangladesh Perspective Faculty of Business Studies University of Dhaka SUBMITTED TO Tahmina Ahmed Lecturer Accounting & Information Systems University of Dhaka SUBMITTED BY Group 18 Date of submission:10.11.14 Group members Name | ID | 1.Sajjad Hossain Sohan | 18022 | 2.Rubina Akther | 18048 | 3.Mohammad Saadman | 18052 | 4.Rumi Akther | 18066 | 5.Hilary Talukder | 18099 | November 5, 2014 Tahmina Ahmed Lecturer Dept. of Accounting & Information Systems University of Dhaka Subject: Submission of report on “Corporate fraud & the role of the auditor: Bangladesh Perspective” Dear Sir, We are honored…show more content…
Generally, frauds relating to financial reporting involve deliberate distortion of accounting records, falsification of transactions, or misapplication of accounting principles. Regardless of how the fraud is manifested, it is typically difficult for auditors to discover since the perpetrators take steps to deliberately conceal the resulting irregularities. Given the difficulty that auditors face in detecting financial statement fraud, coupled with their increasing responsibility to detect it, there is a definite need to develop audit procedures or strategies more specifically focused on fraud detection (Knapp and Knapp, 2001; Guan, et al., 2008). Over the last two decades, there have been developments concerning fraud which some have seen as marking significant extension to audit responsibilities. The accounting profession has been jeopardized by some unprecedented crises caused by high-profile business and audit failures like WorldCom, Enron, Cendant, Sunbeam and Waste Management. In Enron debacle the criticism of Arther Anderson unearthed the fact that Auditor (Anderson) was a dominant clientin the Auditee’s (Enron) Houston office (Taylor and Todd et al. 2003). The above mentioned issues and concerns squarely lead to the question of upholding auditors’ independence and reliability to serve public interest best. In this commentary we would like to unearth the mechanism so as to formulate a roadmap to repositioning the role of auditors and accountants in an ever
Open Document