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An Examination of Actual Fraud Cases With a Focus on the Auditor’s Responsibility

Listed author(s):
  • Holm, Claus


    (Department of Business Studies, Aarhus School of Business)

  • Langsted, Lars Bo

    (Department of Business Studies)

  • Seehausen, Jesper

    (Department of Business Studies)

Registered author(s):

    The purpose of this paper is to contribute to an understanding of the intricate relationship between audit regulation and developments in audit practice in relation to the fraud issue. The extent and exact nature of the responsibilities of the auditor to detect fraud in relation to audit engagements has been widely discussed over the years. In this paper we classify actual cases, where the responsibilities of auditors have been established by the court system and/or by the auditors own professional organizations in Denmark. The dataset includes all publicized cases raised against Danish auditors within the time period 1909-2006. The information provided in the cases provides a basis for identifying the actual responsibilities pertaining to fraud during the audit. The overall finding of the historical analysis is that the responsibilities of the auditor in relation to fraud should be interpreted not as a group of its own, but in line with the development of what constitutes a good audit in general.

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    Paper provided by University of Aarhus, Aarhus School of Business, Department of Business Studies in its series Accounting Research Center Working Papers with number A-2007-05.

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    Length: 68 pages
    Date of creation: 18 May 2007
    Handle: RePEc:hhb:aarbac:2007-05
    Contact details of provider: Postal:
    The Aarhus School of Business, Fuglesangs Allé 4, DK-8210 Aarhus V, Denmark

    Fax: + 45 86 15 19 43
    Web page:

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    1. Peecher, Mark E. & Schwartz, Rachel & Solomon, Ira, 2007. "It's all about audit quality: Perspectives on strategic-systems auditing," Accounting, Organizations and Society, Elsevier, vol. 32(4-5), pages 463-485.
    2. Campbell, David R. & Parker, Larry M., 1992. "SEC communications to the independent auditors: An analysis of enforcement actions," Journal of Accounting and Public Policy, Elsevier, vol. 11(4), pages 297-330.
    3. Braun, Robert L., 2000. "The effect of time pressure on auditor attention to qualitative aspects of misstatements indicative of potential fraudulent financial reporting," Accounting, Organizations and Society, Elsevier, vol. 25(3), pages 243-259, April.
    4. Knapp, Carol A. & Knapp, Michael C., 2001. "The effects of experience and explicit fraud risk assessment in detecting fraud with analytical procedures," Accounting, Organizations and Society, Elsevier, vol. 26(1), pages 25-37, January.
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