IAASB Opens Public Consultation to Strengthen Auditors’ Efforts Related to Fraud

The International Auditing and Assurance Standards Board (IAASB) has published a consultation document that proposes a significant strengthening of its International Standard on Auditing (ISA) 240 (Revised), The Auditors’ Responsibilities Relating to Fraud in an Audit of Financial Statements (the Exposure Draft), which includes:
• Clarified auditor responsibilities
• Emphasised professional scepticism
• Strengthened identification and assessment of risks of material misstatement
• Clarified response to fraud or suspected fraud
• Increased ongoing communication with management and those charged with governance about fraud
• Increased transparency
• Enhanced audit documentation requirements.

The Exposure Draft is available on:
Comments should be submitted by 5 June 2024, using the Response Template, available on:

Comments relating to any identified issues or South Africa-specific challenges should be submitted via email to standards@irba.co.za by 10 May 2024.