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Proposed International Standard on Auditing 240 (Revised): The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements

Including Proposed Conforming and Consequential Amendments to Other ISAs
IAASB
| Exposure Drafts and Consultation Papers
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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.

NEW: Video Series Released
To help stakeholders understand the proposed changes, a new video series has been issued, Understanding Proposed Changes to the Fraud Auditing Standard. Watch the four-part series on YouTube here.

How to Provide Feedback
The IAASB invites all stakeholder to submit their comments using the Response Template, designed to facilitate a structured response and streamline feedback collation and analysis. Respondents are encouraged to share their insights by June 5, 2024.

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Submitted Comment Letters

  1. John Keyser (238.94 KB)
     (United States of America)
  2.  (Canada)
  3.  (Malaysia)
  4.  (International)
  5.  (International)
  6.  (Pakistan)
  7.  (Japan)
  8.  (United Kingdom)
  9.  (International)
  10. FACPCE (158.04 KB)
     (Argentina)
  11. MNP LLP (642.77 KB)
     (Canada)
  12.  (International)
  13. WPK (229.96 KB)
     (Germany)
  14.  (Ireland)
  15.  (Netherlands)
  16. EFAA for SMEs (286.38 KB)
     (Belgium)
  17. AICPA (1.6 MB)
     (United States of America)
  18.  (Mexico)
  19.  (Korea)
  20. CNCC & CNOEC (6.92 MB)
     (France)
  21.  (Europe & Central Asia)
  22.  (United States of America)
  23.  (Brazil)
  24.  (United States of America)
  25.  (New Zealand)
  26.  (Thailand)
  27.  (Australia)
  28. Riksrevisionen (516.69 KB)
     (Sweden)
  29.  (International)
  30. IAASA (310.48 KB)
     (Ireland)
  31.  (Saudi Arabia)
  32.  (International)
  33.  (Austria)
  34. Eumedion (839.97 KB)
     (Netherlands)
  35.  (United Kingdom)
  36.  (Canada)
  37. Crowe LLP (271.64 KB)
     (United States of America)
  38. PICPA (627.18 KB)
     (United States of America)
  39.  (Mexico)
  40.  (Jamaica)
  41. CPA Australia (230.94 KB)
     (Australia)
  42.  (Hong Kong, Special Administrative Region of China)
  43. Moore Global (249.63 KB)
     (International)
  44.  (Singapore)
  45. Accountancy Europe (369.69 KB)
     (Belgium)
  46. SRA (196.15 KB)
     (Netherlands)
  47.  (Ghana)
  48.  (Malta)
  49.  (Czech Republic)
  50. Deloitte (415.13 KB)
     (International)