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Abstract

High-profile fraud cases have continued to make the news over the past few years. But exactly what are auditors' responsibilities when it comes to detecting fraud? The author of this article reveals that the auditing profession has come full circle-from being responsible to not being responsible for detecting fraud. But the volume and critical nature of fraud cases remain high, as do the number of auditing standards addressing this issue. The author explores this problem in depth, identifies situations where fraud may take place, and suggests various tools that auditors should use for fraud detection. © 2013 Wiley Periodicals, Inc.