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Sharpening the Focus on Corporate Fraud: An Audit Firm Perspective

Author: ICAEW, Audit and Assurance Faculty

Published: 21 Jul 2022

Many players in the financial reporting ecosystem – not just auditors – directly or indirectly influence the quality and reliability of financial reporting and the likelihood that fraud will be prevented or detected. There is, however, a public perception that auditors can and should be doing much more to deter and detect fraud and prevent the unexpected failure of large UK companies due to fraud.

For ICAEW’s latest publication, ICAEW spoke to auditors at the largest UK audit firms to learn more about the reality of fraud, to support a better-informed discussion about what is being done to improve the likelihood that auditors will detect it.

This snapshot of recent and ongoing audit firm initiatives helps demonstrate the direction of travel and the scope, scale and significance of the transition that is happening across the audit profession, as firms take steps to better facilitate fraud deterrence and detection

In this webcast, Iain Wright, ICAEW’s Managing Director, Reputation and Influence, is joined by a panel of experts, including interviewees from the firms and Jock Lennox, Chair of the Audit Committee Chair’s Independent Forum, who discuss their quotes in more detail, explore what is meant by fraud, the impact of technology and future audit reforms.


Iain Wright, Managing Director, Reputation and Influence, ICAEW


Jock Lennox (ACCIF). Jock was a Partner at EY for 20 years. He has served on the boards of several PLCs, including as Audit Committee Chair, and is currently Chair of Johnson Service Group plc, Senior Independent Director, and Chair of the Audit Committee at Barratt Developments PLC and Chair of the Audit Committee Chairs’ Independent Forum.

Matt Howells (Evelyn Partners). Matt is a Partner and head of the National Assurance Technical Group at Evelyn Partners, formerly Tilney Smith & Williamson, with overall responsibility for compliance with audit and accounting regulation. He presents financial reporting and audit seminars and workshops to internal and external audiences and is a member of ICAEW’s Technical and Practical Auditing Committee.

David Isherwood (BDO). David is Ethics Partner in the UK firm of BDO. He specialises in audit methodology, ethics and public policy matters and is a member of the UK firm’s Business Interest Oversight Board. David is Chair of ICAEW’s Technical and Practical Auditing Committee.

Emily Jefferis (KPMG). Emily is an Audit Partner with 20 years’ experience auditing large listed and private businesses in the UK and New Zealand. Emily now specialises in the application of UK and International Auditing Standards and leads KPMG’s Audit Department of Professional Practice.

Jonathan Middup (EY). Jonathan is a Partner in EY’s Forensic & Integrity Services practice. He has provided insight to clients on forensic issues for more than 20 years. He leads the team liaising between EY’s forensic and audit teams across Europe, the Middle East, India and Africa and has worked with clients, government and enforcement bodies globally.

Link to Zoom recording


Sharpening the focus on corporate fraud: an audit firm perspective

All views expressed on this webcast are those of the contributors and don’t necessarily reflect those of ICAEW or its members. ICAEW will not be liable for any reliance you place on the information in this webcast. You should seek independent advice.

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