At its meeting on March 14-18 and 23, 2022, the IAASB discussed and broadly agreed with the Fraud Task Force’s proposals on proposed changes in ISA 240 addressing the identification and assessment of the risks of material misstatement due to fraud and communication with those charged with governance about fraud-related matters. The Board also discussed different alternatives on the way forward for transparency in reporting on fraud and agreed that all alternatives presented should be included in the planned outreach with users of financial statements. The Board was broadly supportive of the non-authoritative guidance illustrating the relationship between and linkage of ISA 240 and other ISAs. The Fraud Task Force will finalize the guidance for publication in Q2/2022. In June 2022, the Fraud Task Force will bring to the Board for discussion the topics highlighted in the March 2022 IAASB meeting as well as selected new topics (i.e., introduction section, definitions, the requirements related to journal entries, specialized skills and the presumption of fraud risk in revenue recognition, and the related application and other explanatory material), including drafting proposals for certain of these topics.

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