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Executive Summary:

ISSAI 1240 – The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements

Purpose:

This Practice Note provides supplementary guidance on ISA 240 - The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements.

ISSAI Category:

Level 4: General Auditing Guidelines - General Auditing Guidelines on Financial Audit

Target Group:

Public sector external auditors

Principle:

ISA 240 deals with the auditor's responsibilities relating to fraud in an audit of financial statements.

Specifically, it expands how ISA 315 (Identifying and Assessing the Risks of Material  Misstatement through Understanding the Entity and its Environment) and 330 (The Auditor's Responses to Assessed Risks) are to be applied in relation to risks of material misstatement due to fraud.

Scope - Content:

The Practice Note provides additional guidance for public sector auditors and provides in its Annexes examples of

  • Fraud risk factors (Annex 1);
  • Possible audit procedures to address the assessed risks of material misstatement due to fraud (Annex 2);
  • Circumstances that indicate the possibility of fraud (Annex 3).
Author - Committee:

INTOSAI Professional Standards Committee – Financial Audit Subcommittee

Status:

Approved at XXth Congress of INTOSAI, Johannesburg 2010

Download:

http://www.issai.org/en_us/site-issai/issai-framework/4-auditing-guidelines.htm

Related Documents - Executive Summaries:
Related Documents - ISSAI Full Versions:
Related Documents - Others:

ISA 240 – The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements

ISA 315 – Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment

ISA 330 – The Auditor’s Responses to Assessed Risks


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