Auditors call for fraud panel

Auditors are calling for an independent advisory panel to be set up to coordinate the public bodies involved in the investigation and prosecution of fraud and to review the laws and regulations pertaining to it.

The audit faculty of the Institute of Chartered Accountants issued a paper proposing the formation of the panel last week after its survey showed nearly 90 per cent of auditors expected corporate fraud to increase over the next five years.

The faculty would like comments on its paper by 30 May and is holding an open meeting at the ICA headquarters on 14 May. Copies of the paper are available from Margaret Cassidy at The Audit Faculty, ICAEW, Chartered Accountants' Hall, Moorgate Place, London, EC2P 2BJ.