Using adverse media screening to identify high-risk entities will help to prevent criminal associations before it's too late
The auditing function has evolved from a routine checking of the books of account to play a vital role in the governance process of companies. Information technology, globalization, increased volume of transactions, and laws and regulations that govern organizations and their auditors are all factors that have changed the role of the auditing profession.
The 1990s and early 2000s was a very turbulent time and resulted in a credibility crisis with many corporate collapses and fraudulent financial reporting scandals. Drastic interventions by governments, regulators and the auditing profession resulted in new laws, regulations and standards be introduced to govern this sector.
Auditors are often blamed for not detecting fraud, which results in a loss of confidence in the auditing profession and often gives rise to lawsuits against audit firms, resulting in legal fees and productive management and auditors’ time lost in the litigation processes. Using adverse media screening to identify high-risk entities will help to prevent criminal associations before it's too late.
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