At its meeting on June 13-17, 2022, the IAASB discussed and broadly supported the changes in proposed ISA 240 (Revised) to emphasize the auditor’s responsibilities relating to fraud in an audit of financial statements and reduce the ambiguity between the inherent limitations of an audit and the auditor’s responsibilities for fraud. The Fraud Task Force will conduct outreach with users of financial statements in Q2/Q3 2022 relating to transparency in the auditor’s report and report back to the Board in September 2022. In December 2022, the Fraud Task Force will bring other additional topics as outlined in the project proposal for the Board to deliberate, in addition to advancing the areas previously discussed by the Board.

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