In audits, if something feels wrong, it probably is

WITH the ongoing audit reform in Europe and the introduction of integrated reporting in Singapore, the expectations and value of audits are changing. Audits have grown from being a silo and specialised science to what it is today: a holistic and communication approach.

As audit reports evolve to meet the demands of improved relevance, fraud concerns are emerging as a critical component of corporate reporting and an indicator of a company's health beyond the financials.

While there is no guarantee that audits will catch all "fishy business" - and, in any case, audits in themselves are never designed to detect fraud - the credence of audits and the role that auditors play cannot be underestimated.