Fraud Considerations in Auditing

In a world which is becoming more complex fraud is taking high visibility as a threat of enormous proportions. Fraud is at the heart of all that can go wrong with a business and an economy. Fraud is a social malady which is becoming more difficult to discover and control. Moreover, when it is found it probably proved too late to correct and its consequences tend to fall victim to impunity. Auditors have always been regarded as the lenders of credibility to financial statements. This has become a more challenging role for auditors in an environment of increased fraud incidence and in the current intangible way of transacting because of exponential increase in transactions in every business. Anything can go wrong with an audit because of fraud not only because of the above but also because of the auditor’s approach to the subject. In this session we will go through the auditing requirements around fraud and we will examine in some detail what the profession is doing to intensify the auditor’s attention to fraud when preparing for an independent opinion on financial statements.

The Speaker

Mario P Galea is a certified public accountant holding a warrant to practice both as an accountant and as an auditor. Currently practising as a business advisor providing governance oversight and advisory services to businesses and corporations. Serves as an independent non-executive director on the boards and audit committees of various listed companies in the financial and commercial sectors. Mentor and advisor to family businesses. Founder, managing partner and chairman of accountancy and audit firm EY in Malta until retirement in 2012. Specialised in auditing and assurance which he has practiced for 35 years in Malta and abroad. Lectured in auditing, assurance and professional and business ethics and led several training courses. Speaker at various business and professional conferences in Malta and abroad. Assisted businesses in several areas particularly relating to governance, accounting and systems of control. Served as President of the Malta Institute of Accountants and for many years formed part of the Accountancy Board which is the accountancy profession regulator in Malta. Served on various professional committees in Malta and abroad such as the council of the Federation des Experts Comptables (FEE) in Brussels (now Accountancy Europe). Member of the Ethics and Regulatory committees of the Malta Institute of Accountants in Malta.