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Fraud – AASB

Date recorded:

At its meeting on July 15, 2021, the AASB provided input to the IAASB members from Canada on issues related to information gathered on ISA 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements.

Key issues discussed included:

  1. whether further transparency is needed related to fraud in the auditor’s report;
  2. enhanced engagement team discussions on fraud considerations; and
  3. clarifying the relationship between ISA 240 and ISA 250, Consideration of Laws and Regulations in an Audit of Financial Statements, by developing new application material.

Review the Executive Summary on the AASB's Web site.

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