Experts: Auditors not responsible for detecting fraud

Audit professionals have moved to clarify public expectations of auditors’ responsibilities, arguing that fraud prevention and detection are not solely the responsibility of external auditors but require active participation from company boards, management, shareholders, investors and audit committees.
Partner and Head of Audit, KPMG West Africa, Dr. Goodluck Obi made this clarification at the 2026 Audit Committee Conference in Lagos on Wednesday while delivering a presentation on audit failures, governance responsibilities and emerging challenges facing the profession.
According to him, a common public expectation that auditors are expected to identify every instance of fraud does n...