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Deadline Extended for IAASB’s Discussion Paper on Fraud and Going Concern

Nov 16, 2020 | New York, New York | English

Fraud and going concern are important public interest issues for the IAASB. To allow adequate time for all of our stakeholders to respond to the IAASB’s Discussion Paper, 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 Statement Audit, the closing date of this consultation has been extended to February 1, 2021. This extension takes into account the upcoming holidays and our stakeholder’s capacity this year and is in response to stakeholder requests.

The Discussion Paper aims to gather perspectives from all our stakeholders across the financial reporting ecosystem about the role of the auditor in relation to fraud and going concern in an audit of financial statements, and to obtain input on matters about whether our standards related to fraud and going concern remain fit-for-purpose in the current environment. The input from this consultation, together with other information gathering and outreach activities, will inform IAASB decisions about possible further actions on these topics.

If you would like to know more about the IAASB’s work on fraud and going concern, including the recent roundtables on these topics, please visit the project pages on fraud and going concern. The IAASB also encourages all interested stakeholders to respond to this Discussion Paper, including investors and other users of financial statements, those charged with governance of entities, preparers of financial statements, national standard setters, professional accountancy organizations, academics, regulators and audit oversight bodies, auditors and audit firms, and others where interested.