FRC publishes revised auditing standard for the auditor’s fraud responsibilities

Released 27 May 2021

The Financial Reporting Council (FRC) has published ISA (UK) 240 (Revised May 2021) – The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements.

The revisions aim to provide increased clarity as to the auditor’s obligations in an attempt to address the concerns raised by Sir Donald Brydon in his review of the quality and effectiveness of audit.

The revisions include enhancements to the requirements for the identifications and assessment of risk of material misstatement due to fraud and the procedures to respond to those risks.

The revised standard is effective for audits of periods beginning on or after 15 December 2021. Early adoption is permitted.

The revised standard and further information can be found at

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