Page 32 - Patisserie Valerie Teaching Note

Grant Thornton

Not set-up to spot

fraud

Former Patisserie Valerie

auditor, Grant Thornton, is

under investigation by the

Financial Reporting Council

and from what its chief

executive, David Dunckley

said the job of auditors
should be seen as “We are

not looking for fraud and

we are not looking at the
future and we are not

giving a statement that the

accounts are correct.” (2)

So! who's job is it to spot a potential fraud?

Is it the:

- part-time booker keeper who comes in twice a week,

- a Director of the firm,

- the Accountants that prepare the annual accounts or

- the external, independent auditors?