Fraud and Going Concern in an Audit of Financial Statements [Research]

Comment period ends February 1, 2021

Next steps:

The IAASB will continue its discussions of this project at its December 2022 meeting

Last up­dated:

September 2022

Overview

The International Auditing and Assurance Standards Board (IAASB) opened a public consultation, "Fraud and Going Concern in an Audit of Financial Statements: Exploring the Differences Between Public Perceptions About the Role of the Auditor and the Auditor’s Responsibilities in a Financial Statement Audit".

As the auditor’s role in relation to fraud and going concern in audits of financial statements continues to receive heightened public attention, amplified by high-profile corporate failures in recent years, the IAASB has recognized the need to further explore these topics.

This Discussion Paper is aimed at gathering perspectives from a broad range of stakeholders across the financial reporting ecosystem about the role of the auditor in relation to fraud and going concern in an audit of financial statements. Stakeholders are asked for their perspectives on whether the auditing standards related to fraud and going concern need to be updated to reflect the rapidly evolving external reporting landscape, and, if so, in what areas.

For more in­for­ma­tion about the IAASB’s projects on Fraud and Going Concern, refer to the IAASB’s Work Plan.

 

Other De­vel­op­ments

November 2020

On November 16, 2020, the IAASB extended the closing date of the IAASB’s Discussion Paper, "Fraud and Going Concern in an Audit of Financial Statements: Exploring the Differences Between Public Perceptions About the Role of the Auditor and the Auditor’s Responsibilities in a Financial Statement Audit" to February 1, 2021.

September 2020

On September 15, 2020, the IAASB opened a public consultation, "Fraud and Going Concern in an Audit of Financial Statements: Exploring the Differences Between Public Perceptions About the Role of the Auditor and the Auditor’s Responsibilities in a Financial Statement Audit". Comments are requested by January 12, 2021.

 

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