The IAASB issued a Discussion Paper (DP) titled Fraud and Going Concern in an Audit of Financial Statements: Exploring the Differences Between Public Perceptions About the Role of the Auditor and the Auditor’s Responsibilities in a Financial Statements Audit.
Through this DP, the IAASB is seeking perspectives from all of its stakeholders across the financial reporting ecosystem on whether the International Standards on Auditing (ISAs) related to fraud and going concern need to be updated to reflect the rapidly evolving external reporting landscape, and, if so, in what areas. This DP sets out the issues and challenges related to the expectation gap (the difference between what users of the financial statements expect and the financial statement audit) and explores some possible actions that the IAASB could undertake to help narrow the expectation gap.
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.