FRC Consultation of Fraud auditing standards (ISA (UK) 240) – Webinar
30 Nov 2020 2:00pm to 3:00pm
Monday 30 November, 14:00 – 15:00
The Financial Reporting Council (FRC) has launched a consultation on the proposed revision of its UK auditing standard ISA (UK) 240 (Updated January 2020) - The Auditor's responsibilities Relating to Fraud in an Audit of Financial Statements
. ISA (UK) 240 contains a significant number of requirements designed to assist the auditor in identifying and assessing the risks of material misstatement due to fraud and in designing appropriate responses. The standard has not been substantively revised in over 16 years. Concerns have been raised that auditors are not doing enough work to detect material fraud, including by Sir Donald Brydon in his review of the quality and effectiveness of audit.
This webinar will provide an overview of how the FRC is proposing revisions to address these concerns. For example, providing increased clarity as to the auditors obligations, and how the audit should be planned and performed to enhance the identification of material misstatement due to fraud, as well as more comprehensive application material.
A question and answer session will follow for questions about the proposals.