A proposed international auditing standard aims to put a spotlight on fraud-related matters and improve communication between the auditor, governance and users of audit reports.
Auditor Responsibilities Relating to Fraud in a Financial Statement Audit
Management, governance and auditors all play an important role in detecting and preventing fraud. In response to recent corporate failures around the globe, the International Auditing and Assurance Standards Board have issued a proposed revised standard dealing with the auditor’s responsibilities related to fraud in an audit of financial statements.
The proposed revisions strengthen the existing standard by:
- clearly defining the auditor’s role
- describing more robust procedures, and
- enhancing communication in the auditor’s report.
Exposure draft
Proposed ISA 240 (Revised) explanatory memorandum and exposure draft
You can see our submission to the IAASB here.
This consultation closed on 15 May 2024.
We received no written submissions.