The IAASB releases its 2026 Handbook, including ISA 240 (Revised), ISA 570 (Revised 2024) and ISSA 5000, with standards effective from December 2026.
IRBA issues Staff Audit Practice Alert 13, guiding registered auditors on identifying and responding to public sector-specific audit risks.
ISA 240 (Revised) adds a dedicated section on fraud or suspected fraud (paragraphs 55–58). Learn what auditors must do, from understanding the matter to communication and documentation.
Fraud Risk Discussions ISA 240 requires auditors to perform specific procedures as part of the normal risk assessment procedures during audit planning to obtain information relevant to identifying risks of material misstatement, due to fraud. Included in these procedures is a requirement to make enquiries of management and those charged with governance regarding fraud-related considerations. Auditors frequently include very limited evidence of these required discussions on the audit file, with only brief comments by the party interviewed and no further, or inadequate, audit considerations of whether these comments indicate the presence of potential fraud risks that demand further response. [...]
