In accountancy, there are frequent discussions about a principle-based approach to GAAP vs. a rule-based approach. That is an equally valid discussion for fraud auditing. As you read, I hope you will reflect on whether a principle or a rule-based approach would be of more benefit to your organization.
How you determine which concepts to evaluate to “consider fraud” and how to integrate fraud into your audit program is a challenge that is easily solved if you approach it with the scope and objectives of your audit clearly defined.
