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IRBA issues Staff Audit Practice Alert 4: A South African Perspective on the Auditor's Considerations Relating to Fraud, for use by registered auditors
- 24 June 2020
- Accounting
- South African Accounting Academy
The perpetration of fraud, causing material misstatements in the financial statements and/or non-compliance with laws and regulations, has become more prevalent at entities in South Africa over the past few years. Registered auditors (auditors) are required to be alert to the possibility of fraud, thereby enabling them to respond appropriately. Due to this prevalence, auditors have called for additional guidance relating to fraud. Consequently, the IRBA has responded to the needs identified on the auditor’s considerations relating to fraud.
The International Standard on Auditing (ISA) 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements (ISA 240), deals with the auditor’s responsibilities relating to fraud in an audit of financial statements. Specifically, it expands on how ISA 315 (Revised) and ISA 330 are to be applied in relation to risks of material misstatement due to fraud.
Click here to download the Staff Alert.