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Fraud and Going Concern – AASB

Date recorded:

At its meeting on June 7-8, 2021, the AASB provided input to the IAASB members from Canada on issues related to information the IAASB gathered on ISA 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. Key issues discussed included possible actions to: (i) address the presumed risks of fraud in revenue recognition; (ii) enhance the introductory paragraphs of the standard to clarify the auditor’s responsibilities in relation to fraud; and (iii) retain the definition of fraud but incorporate additional guidance to address how other concepts, such as bribery and corruption, may impact the auditor’s responsibilities related to fraud. Based on the information it gathered, the IAASB anticipates approving a project proposal to revise ISA 240 at a future meeting.

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