New Risk-Assessment Audit Standards Seek to Spotlight Fraud

Companies can expect more scrutiny from their audit firms this coming annual report season, thanks to new standards the audit firms must meet to assess risk, including the risk of fraud. "We have to quit treating fraud risk as a bolt-on, as if it's an exercise separate from the others," says James Comito of audit firm Mayer Hoffman McCann. A look at the new standards is inside.