New IAASB Video Series Explores Proposed Changes to Fraud Standard

New IAASB Video Series Explores Proposed Changes to Fraud Standard

• 12 April 2024
• Auditing and Assurance
• South African Accounting Academy

The series will help stakeholders understand the proposed changes that strengthen auditor’s responsibilities related to fraud, and the rationale behind them.

The ‘Understanding Proposed Changes to the Fraud Auditing Standard Video Series’ consists of the following 4 parts:

1. Overview of Key Changes:
   1. Gain an understanding of the proposed key changes from IAASB Member and Fraud Task Force Chair Julie Corden. Julie also provides brief background information and why these changes are being proposed. https://ifac.us7.list-manage.com/track/click?u=9e7d9671563ff754a328b2833&id=7a1b5bc25f&e=ca73287098
2. Spotlight on Auditor’s Responsibilities:
   1. Understand auditors’ responsibilities relating to fraud in an audit. IAASB Senior Manager Nathalie Baumgaertener Dutang explains how the proposed changes make these responsibilities clearer and more practical. https://ifac.us7.list-manage.com/track/click?u=9e7d9671563ff754a328b2833&id=b6a54bc986&e=ca73287098
3. Auditor’s Response to Fraud or Suspected Fraud:
   1. How are auditors, and engagement partners, being asked to enhance how they respond to fraud or suspected fraud? IAASB Principal Angelo Giardina outlines the new requirements, relocated requirements, and clarifications. https://ifac.us7.list-manage.com/track/click?u=9e7d9671563ff754a328b2833&id=17b295c3a1&e=ca73287098
4. Enhanced Transparency in the Auditor’s Report:
   1. Join IAASB Director Jasper van den Hout to learn more about how the proposed changes will enhance transparency in the auditor’s report regarding auditors’ responsibilities relating to fraud as well as fraud-related procedures (i.e., Key Audit Matters related to fraud). https://ifac.us7.list-manage.com/track/click?u=9e7d9671563ff754a328b2833&id=ff6ce3640e&e=ca73287098

The IAASB has now reached the midpoint of its public consultation on proposed amendments to its fraud standard, as comments are due by 5 June 2024.
The proposed changes to ISA 240 significantly strengthen auditors’ responsibilities relating to fraud. The IAASB encourages all stakeholders to submit their comments using the Response Template, designed to facilitate structured responses and streamline feedback collation and analysis.

Click here to access the landing page of the video series:

https://www.iaasb.org/news-events/2024-04/new-iaasb-video-series-explores-proposed-changes-fraud-standard

Relevance to Auditors, Independent Reviewers & Accountants:

• Auditors, Independent Reviewers and Accountants should also be aware of the latest publications issued by regulators and standard-setting boards, such as the IAASB.
• In conducting an audit in accordance with ISAs, auditors are required to comply with all the requirements that are relevant to the latest standards, as well as proposed amendments.
• The series will help auditors and other stakeholders understand the proposed changes that strengthen auditor’s responsibilities related to fraud, and the rationale behind them.

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