Fraud
What the Project Aims to Achieve
The current aim of this project is to determine if, and to what extent, the IAASB should take further action (e.g., possible future standard-setting, issuance of non-authoritative guidance, or other actions) to address issues and challenges that have been identified relating to fraud in an audit of financial statements.
Project Timeline
The following table sets out the project timeline. Please note that these are current targeted milestones and may change as the work in this area progresses.
Current Status of the Project
This project is currently in the information gathering and research phase, which will be used to inform future IAASB decisions about its activities relating to fraud in an audit of financial statements.
As part of its information gathering and research, the IAASB issued a Discussion Paper in September 2020 to consult on whether the ISAs related to fraud and going concern need to be updated to reflect the rapidly evolving financial reporting landscape, and, if so, in what areas. Responses to the Discussion Paper were due February 1, 2021.
At the April 2021 meeting, the Board will be provided with a summary of the input from respondents to the Discussion Paper. The Board will be asked for their feedback to help the Working Group determine recommendations for direction forward and work towards developing a project proposal to be presented at the September 2021 IAASB meeting.
Working Group Information
IAASB Staff Contacts
Working Group Members
Project Stages
Board Papers
Board Minutes
CAG Papers
CAG Minutes
Issued Document
Discussion Paper: Fraud and Going Concern in an Audit of Financial Statements
Other
Technology Fraud Roundtable - Cover-note and Agenda Expectation Gap and Auditor Reporting Roundtable – Cover-note and Agenda Fraud and Going Concern in Less Complex Entities – Cover-note and Agenda IAASB Fraud Technology Roundtable Recordings (Full session and Breakouts) Key Takeaways from IAASB's Roundtable Series on Fraud and Going Concern
