The American Institute of Certified Public Accountants issued the new auditing standard titled SAS No. 82 to detail the auditor's responsibility to detect and report material misstatement in financial statements due to fraud. The two relevant types of misstatements are misstatements arising from fraudulent financial reporting and misappropriation of assets. The standard requires the auditor to consider 41 risk factors relating to fraudulent financial reporting and misappropriation of assets when designing an audit plan. The survey received 180 responses. Most came from managers and partners. Results revealed that most participants wanted to maintain current auditing standards rather than to change to the standards of SAS No. 82. In addition, auditors strongly desired to maintain only those responsibilities they perceived as crucial to their role in the audit process and did not regard their role as that of police or detectives. Given these findings and the limits on the auditor's possible role in controlling fraud, other considerations in the prevention and detection of corporate fraud include managerial controls, employee screening, forensic accounting, and others. 21 references