Related Discussions

• Fraud – AASB

• Jul 15, 2021

• At its meeting on July 15, 2021, the AASB provided input to the IAASB members from Canada on issues related to information gathered on ISA 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. Key issues discussed included: (i) whether further transparency is needed related to fraud in the auditor’s report; (ii) enhanced engagement team discussions on fraud considerations; and (iii) clarifying the relationship between ISA 240 and ISA 250, Consideration of Laws and Regulations in an Audit of Financial Statements, by developing new application material.

• Fraud and Going Concern – IAASB

• Jun 14, 2021

• At its meeting on June 14-23, 2021, the IAASB’s Fraud Working Group presented possible actions forward for six specific topics raised by respondents to the Discussion Paper where mixed responses were received or where emerging issues have been observed in the current environment. The Board provided comments for the Fraud Working Group to consider as it develops a project proposal and, if the project proposal is approved, as it further explores the topics discussed. At a July 2021 meeting with the IAASB, the Fraud Working Group will present possible actions for four remaining topics where mixed responses to the Discussion Paper were received. The Working Group will also seek to obtain Board feedback on possible project objectives, project scope and public interest issues to inform the development of a project proposal to be presented at the September 2021 IAASB meeting.

• Fraud and Going Concern – AASB

• Jun 07, 2021

• At its meeting on June 7-8, 2021, the AASB provided input to the IAASB members from Canada on issues related to information the IAASB gathered on ISA 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. Key issues discussed included possible actions to: (i) address the presumed risks of fraud in revenue recognition; (ii) enhance the introductory paragraphs of the standard to clarify the auditor’s responsibilities in relation to fraud; and (iii) retain the definition of fraud but incorporate additional guidance to address how other concepts, such as bribery and corruption, may impact the auditor’s responsibilities related to fraud. Based on the information it gathered, the IAASB anticipates approving a project proposal to revise ISA 240 at a future meeting.

• Fraud and Going Concern–AASB

• Dec 14, 2020

• At its meeting on December 14, 2020, the AASB reviewed a draft response to the IAASB’s Discussion Paper In the fall of 2020, the AASB conducted outreach that informed its response. The AASB will review a draft of the complete response letter at a future meeting. The response letter will be submitted by the comment deadline of February 1, 2021.

• Fraud – IAASB

• Dec 07, 2020

• At its meeting on December 7-11, 2020, the IAASB received an update on the information gathering activities in relation to fraud in an audit of financial statements. In particular, it was highlighted that outreach was being undertaken with investor groups to further understand their views. The Board also discussed various specific matters related to the auditor’s efforts with regard to fraud within the ISAs and provided views on possible ways that the issues and challenges could be addressed. The Fraud Working Group will continue to gather information to further inform the Board’s efforts in relation to fraud in an audit of financial statements, including consideration of the responses to the IAASB Discussion Paper that is out on consultation until February 1, 2021.