New Guidance on Fraud in an Audit of Financial Statements

06 June 2022
Accounting
South African Accounting Academy

IAASB released non-authoritative guidance, The Fraud Lens – Interactions Between ISA 240 and Other ISAs.

The guidance illustrates the relationship and linkages between International Standard on Auditing (ISA) 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, and other ISAs when planning and performing an audit engagement and reporting thereon.

This non-authoritative guidance illustrates how extant ISA 240 is to be applied in conjunction with the full suite of ISAs.

Click here to download the Guidance document:

https://www.ifac.org/system/files/publications/files/IAASB-Non-Authoritative-Guidance-The-Fraud-Lens-Interactions-Between-ISA-240-Other-ISAs.pdf

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.
You need to implement the Fraud Standard ISA 240.
You need to be aware of any guidance issued by the standard setting bodies, so that you can practically implement the principles and considerations in the performance of your engagements.

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