Invitation: FRC Consultation of Fraud auditing standards (ISA (UK) 240) – Webinar and roundtable discussions
News types: Generic Announcement, Publications, Statements
Published: 19 November 2020
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 give you an overview of how the FRC is proposing revisions to address these concerns. For example, providing increased clarity as to the auditors obligations, and to 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.
We will also have a question and answer session for you to ask us your questions about the proposals.
The webinar will be held on Monday 30 th November,14:00 – 15:00.
We will also be holding two roundtable discussions, to give stakeholders an opportunity to discuss the issues and informally feed into the consultation process, the details of these discussions are:
Roundtable discussion for institutional investors and users of accounts: Thursday 17 th December, 09:00 – 10:00
Roundtable discussion for board members and company preparers of accounts: Wednesday 2 nd December, 16:00 – 17:00
If you would like to attend one of the above roundtables, please register your interest by emailing: [email protected]