Fraud – AASB

Date recorded:

At its meeting on June 6-7, 2022, the AASB discussed issues related to the IAASB’s project to revise ISA 240. Key issues discussed included: (i) the introductory paragraphs of the standard; the need for specialized skills; (ii) identifying and assessing the risks of material misstatement due to fraud; (iii) the presumption of fraud risk in revenue recognition; (iv) clarifying the requirements and application material in ISA 240 related to the approach to testing journal entries; and (v) communicating with those charged with governance.

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

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