Proposed ISA 240 (Revised 202x), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements

The exposure draft of the proposed ISA 240 (Revised) was expected to be approved at the December 2023 IAASB Board meeting.

Listed Entity and Public Interest Entity (Track 2 at IAASB)

Exploring revisions to the ISAs and ISQMs regarding the differential requirements for listed entities and the definitions of listed entities and PIE, including whether the extant differential requirements should apply to PIEs.
An exposure draft of narrow-scope amendments for Track 2 was expected to be approved at the December 2023 IAASB Board meeting.

ISA 500 (Revised 202x), Audit Evidence

Proposed ISA 570 (Revised 202x) Going Concern

The exposure draft was published in April 2023, and the commentary closed on 24 August 2023.
SAICA submission: https://www.saica.org.za/resources/182844
The expected finalisation of the standard is 2024/2025.

More robust work effort is required of the auditor.
More transparency in the auditor’s report regarding going concern (positive statements regarding going concern)
https://ifacweb.blob.core.windows.net/publicfiles/2023-04/IAASB-Proposed-Standard-Going-Concern.pdf

Click here to read more on the latest developments on the IAASB’s projects:

Relevance to Auditors, Independent Reviewers & Accountants:

As an auditor and independent reviewer, you need to comply with International Standards on Auditing and other Assurance Services, and thus you need knowledge of proposed as well as newly revised standards that are approved as well as when they become effective.
Failure to adhere to ISAs may be interpreted as negligence and you could be held liable.
As an auditor and independent reviewer, you should be aware of proposed changes to existing standards issued by the standard-setting bodies, e.g. the IAASB.

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