PROFESSIONAL SKEPTICISM IN DETECTING FRAUDULENT PUBLIC SECTOR FINANCIAL REPORTING
PROFESSIONAL SKEPTICISM IN DETECTING FRAUDULENT PUBLIC SECTOR FINANCIAL REPORTING

Summary/Abstract: The aim of this paper is to explain the professional skepticism of controllers and auditors in detecting fraudulent financial reporting, and the connection between accounting procedures and control mechanisms. Financial reporting in the public sector is a priority for governments all over the word and internal control could prevent a significant portion of economic crime. Sound internal controls, and also internal audit, are the best way public sector organizations can mitigate fraud. Implementing internal control mechanisms in preventing and detecting fraud is recommended as good practice that public entities can follow in establishing effective fraud management programs.

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