At its meeting on December 6-14, 2021, the IAASB The Board discussed and approved a project proposal for the revision of ISA 240 and the conforming and consequential amendments to other relevant ISAs. In the project proposal, the IAASB recognized the importance of the role of its standards in the financial reporting ecosystem. Therefore, the project will be focused on specific standard-setting actions aimed at enabling consistent and improved auditor behavior. Specifically, the project will seek to clarify the auditor’s responsibilities and enhance the robustness of the required auditor’s procedures and reporting on fraud in an audit of financial statements. The Fraud Task Force intends to discuss and bring to the Board for their input at the March 2022 IAASB meeting specific proposed actions included in the scope of the project on fraud addressing key issues identified regarding the role and responsibilities of the auditor, risk identification and assessment, and transparency.

Review the summary, including the podcast, on the IAASB's Web site.