Regulatory updates

Discussion Consultation

Updates from IAASB

Back

Recently, the International Auditing and Assurance Standards Board (IAASB) proposed a significant strengthening of the International Standard on Auditing (ISA) 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements.

Some of the key changes proposed include:

  • Clarification regarding auditor responsibilities relating to fraud in an audit
  • Emphasis on professional skepticism to ensure auditors remain alert to possible fraud
  • Strengthening identification and assessment of risks of material misstatement due to fraud
  • Clarification regarding response to fraud or suspected fraud identified during the audit
  • Increased communication with management and those charged with governance regarding fraud
  • Enhanced transparency regarding auditors’ responsibilities and fraud-related procedures in the auditor’s report, etc.

The comments are invited up to 5 June 2024.

To access the text of the proposed amendments, please click here

Our Insights

Tools and Enablers
Resources
Events and Webinars
Sectoral Insights

Reach out to us

;