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
IAASB
Sep 15, 2020 | Exposure Drafts and Consultation Papers
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Comments due by: Feb 01, 2021
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 Discussion Paper 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.
Copyright © 2023 The International Federation of Accountants (IFAC). All rights reserved.
Submitted Comment Letters
1. AQ
September 16, 2020
2. Michael Bradbury (New Zealand)
November 9, 2020
3. International Air Transport Association
November 17, 2020
4. AUASB
December 23, 2020
5. Office of the Auditor-General of New Zealand
December 23, 2020
6. Grant Thornton International Limited
January 11, 2021
7. Union of Chambers of Certified Public Accountants of Turkey (TURMOB) (Turkey)
January 12, 2021
8. Confederation of Indian Industry (CII) (India)
January 13, 2021
9. Álvaro Fonseca Vivas
January 15, 2021
10. International Organization of Securities Commisions (IOSCO)
January 17, 2021
11. National Association of State Boards of Accountancy (United States)
January 19, 2021
12. CFO Forum of South Africa (South Africa)
January 21, 2021
13. Canadian Public Accountability Board (Canada)
January 22, 2021
14. Tapestry Networks
January 27, 2021
15. Crowe Global
January 28, 2021
16. Inter-American Accounting Association
January 28, 2021
17. Instituto Mexicano de Contadores Publicos, A.C. (Mexico)
January 28, 2021
18. Auditor-General of South Africa (South Africa)
January 28, 2021
19. New York State Society of CPAs (NYSSCPA) (United States)
January 28, 2021
20. Australasian Council of Auditors-General (Australia)
January 28, 2021
21. PwC
January 29, 2021
22. WPK (Germany)
January 29, 2021
23. AICPA (United States)
January 29, 2021
24. IAIS (Switzerland)
January 29, 2021
25. Committee of European Auditing Oversight Bodies
January 29, 2021
26. SRA
January 29, 2021
27. Belgian Institute of the Registered Auditors IBR-IRE (Belgium)
January 29, 2021
28. MHA Macintyre Hudson (United Kingdom)
January 29, 2021
29. UK Financial Reporting Council (United Kingdom)
January 29, 2021
30. Kriton (Netherlands)
January 29, 2021
31. Moore Global Network Ltd
January 29, 2021
32. CohnReznick LLP (United States)
January 30, 2021
33. PIRC Ltd (United Kingdom)
January 31, 2021
34. New Zealand Auditing and Assurance Standards Board (New Zealand)
January 31, 2021
35. Hong Kong Institute of Certified Public Accountants (Hong Kong (Special Administrative Region of China))
January 31, 2021
36. KICPA (Korea, Republic of)
January 31, 2021
37. Constantine Cotsilinis
January 31, 2021
38. AASB Canada (Canada)
February 1, 2021
39. Institute of Certified Public Accountants of Uganda
February 1, 2021
40. U.S. Government Accountability Office (United States)
February 1, 2021
41. The Malaysian Institute of Certified Public Accountants (MICPA) (Malaysia)
February 1, 2021
42. Institute of Chartered Accountants in England and Wales (ICAEW)
February 1, 2021
43. Nexia International
February 1, 2021
44. Office of the Auditor General of Canada (Canada)
February 1, 2021
45. REA Auditores - Consejo General de Economistas (Spain)
February 1, 2021
46. HLB
February 1, 2021
47. BDO (United Kingdom)
February 1, 2021
48. The Unlimited (South Africa)
February 1, 2021
49. Ernst & Young Global Limited
February 1, 2021
50. Malaysian Institute of Accountants (Malaysia)
February 1, 2021
51. KPMG International
February 1, 2021
52. MNP LLP (Canada)
February 1, 2021
53. CPA Australia
February 1, 2021
54. Mazars
February 1, 2021
55. Canadian Securities Administrators (Canada)
February 1, 2021
56. Mazars USA LLP
February 1, 2021
57. FAR (Sweden)
February 1, 2021
58. South African Institute of Chartered Accountants (SAICA)
February 1, 2021
59. Center for Audit Quality (United States)
February 1, 2021
60. Pan African Federation of Accountants
February 1, 2021
61. Institute of Directors in South Africa's Audit Committee Forum (South Africa)
February 1, 2021
62. PKF International Limited
February 1, 2021
63. Dmitrii Timofeev (Russian Federation)
February 1, 2021
64. Accountancy Europe
February 1, 2021
65. Auditing Standards Committee of the Auditing Section of the American Accounting Association
February 1, 2021
66. RSM International Limited
February 1, 2021
67. Botswana Accountancy Oversighty Authority (Botswana)
February 1, 2021
68. Institut der Wirtschaftspruefer in Deutschland e.V. (IDW) (Germany)
February 1, 2021
69. The Japanese Institute of Certified Public Accountants (Japan)
February 1, 2021
70. IFIAR
February 1, 2021
71. ICAS
February 2, 2021
72. Deloitte Touche Tohmatsu Limited (DTTL)
February 2, 2021
73. Royal NBA, the Netherlands Institute of Chartered Accountants (Netherlands)
February 2, 2021
74. IRBA
February 3, 2021
75. FEDERACIÓN ARGENTINA DE CONSEJOS PROFESIONALES DE CIENCIAS ECONÓMICAS (Argentina)
February 3, 2021
76. Cristian Munarriz (Argentina)
February 3, 2021
77. Chartered Accountants Australia and New Zealand (CA ANZ) and the Association of Chartered Certified Accountants (ACCA)
February 4, 2021
78. Basel Committee on Banking Supervision (Switzerland)
February 5, 2021
79. Compagnie Nationale des Commissaires aux Comptes and the Conseil Superieur de I’Ordre des Experts-Comptables (France)
February 5, 2021
80. Irish Auditing & Accounting Supervisory Authority (Ireland)
February 5, 2021
81. Corporate Reporting Users' Forum(CRUF)
February 8, 2021
82. International Federation of Accountants (IFAC)
February 8, 2021
83. Institute of Singapore Chartered Accountants (ISCA) (Singapore)
February 9, 2021
84. Botswana Institute of Chartered Accountants (BICA)
February 25, 2021
85. Belgian National Chapter of Transparency International
April 12, 2021
86. Belgian National Chapter of Transparency International
April 12, 2021
Related Resources
- 2018 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
- Proposed International Standard on Auditing 500 (Revised), Audit Evidence, and Proposed Conforming and Consequential Amendments to Other ISAs
- Proposed Narrow Scope Amendments to ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements and ISA 260 (Revised), Communication with Those Charged With Governance
- Proposed Part 10, Audits of Group Financial Statements of the Proposed ISA for Audits of Financial Statements of Less Complex Entities
- Proposed Strategy and Work Plan for 2024‒2027