Fraud, Expectations, and the Rise of Financial Audit
This chapter argues that, below the wealth of technical procedure, the epistemic foundation of financial auditing, i.e. the relation between its inputs and the production of assurance, is essentially obscure. It specifically addresses the history of financial auditing. It also describes the uneasy and shifting relationship between audit practice and the programmatic goal of detecting fraud. It is noted that the history of audit practice is a history of attempts to deal with operational problems of inference subject to economic constraint. In addition, it is shown that financial auditing as a system remains strong. It also states an important lesson to carry forward from this chapter is that the audit process, for all its density of operational procedure, is interactive and judgemental.
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