The AICPA Auditing Standards Board (ASB) issued for public comment a proposed standard addressing the auditor’s responsibilities relating to fraud.
The ASB voted in May to issue the exposure draft of Statement on Auditing Standards (SAS), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. Stakeholders have until Friday, Oct. 3, to provide feedback on the proposal.
If issued as final, the proposed SAS would supersede SAS No. 122, Statements on Auditing Standards: Clarification and Recodification, as amended, Section 240, Consideration of Fraud in a Financial Statement Audit (AU-C Section 240), and would amend a lengthy list of SASs that mention fraud. Learn more.