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Recent corporate failures throughout the world have underscored the benefits of clarifying and enhancing the role of auditors in responding to fraud and suspected fraud as a means of enhancing public trust in financial reporting. These proposed revisions significantly strengthen the IAASB’s standard on auditors’ responsibilities related to fraud by defining the expectations in relation to fraud, delineating more robust procedures, and increasing transparency about the auditors’ responsibilities and fraud-related procedures in the auditor’s report.
The IAASB is seeking comments on the exposure draft of ISA 240 (Revised).
ISCA takes a leading role in advocating the views and proposals of the audit community in Singapore and actively undertakes public consultation with its members and stakeholders. ISCA would hence like to seek views from key stakeholders in Singapore on the above.
ISCA requires all comments to be submitted to professionalstandards@isca.org.sg by 21 April 2024.
Please click here for the IAASB ED.