Zenith Audit UK - Registered Auditors

Fraud is evolving faster than ever, driven by AI, cybercrime and increasingly sophisticated techniques. Nevertheless, what struck us most in this ICAEW article is that despite all the tech enabled risks, the fundamental principles we rely on as auditors remain as crucial as ever:💡staying alert and applying sound judgement and professional scepticism.

Here are some fundamental principles for organisations to prevent and manage fraud risk:

💡 Segregation of duties - no one person should control an entire process end-to-end.

💡 Robust internal controls - businesses must implement preventative, detective and corrective controls to protect assets, flag anomalies and strengthen resilience.

💡 Knowing your people and suppliers - this includes due diligence, onboarding checks, ongoing monitoring and strong ethical culture.

Can you spot these signs of fraud? Fraud is more common than people realise. Businesses of all sizes need to be alive to the signs and proactively manage the risks. ICAEW’s Laura Hough outlines what to look out for and actions to take.

It is fascinating to revisit our 2018 analysis by our partner, Filip Lyapov, and see just how much of it still holds true today. Digital currencies continue to push the boundaries of traditional accounting, and despite significant market evolution, the GAAP gap largely remains. While US GAAP took a major step forward with the introduction of ASC 350‑60 back in December 2023 (the first crypto-asset-specific guidance), IFRS and UK GAAP still have no dedicated standards. The need for a clear and consistent accounting framework is more evident than ever, and the conversation we began back then remains just as relevant today. ⬇️⬇️⬇️ 💡

Mind the GAAP (part 2) – Zenith Audit Ltd Mind the GAAP (part 2) The second part of the article will explore the options for accounting treatment of digital currencies. It is not possible to reach a unified solution on the matter because the cryptocurrencies are a new economic phenomenon. They have different business use and characteristics...