As the International Auditing and Assurance Standards Board reaches the midpoint of its public consultation on proposed amendments to its fraud standard, a new four-part video series has been released. The series will help stakeholders understand the proposed changes that strengthen auditor’s responsibilities related to fraud, and the rationale behind them.

Explore the ‘Understanding Proposed Changes to the Fraud Auditing Standard Video Series’:

• Overview of Key Changes: Gain an understanding of the proposed key changes from IAASB Member and Fraud Task Force Chair Julie Corden. Julie also provides brief background information and why these changes are being proposed.
• Spotlight on Auditor’s Responsibilities: Understand auditors’ responsibilities relating to fraud in an audit. IAASB Senior Manager Nathalie Baumgaertener Dutang explains how the proposed changes make these responsibilities clearer and more practical.
• Auditor’s Response to Fraud or Suspected Fraud: How are auditors, and engagement partners, being asked to enhance how they respond to fraud or suspected fraud? IAASB Principal Angelo Giardina outlines the new requirements, relocated requirements, and clarifications.
• Enhanced Transparency in the Auditor’s Report: Join IAASB Director Jasper van den Hout to learn more about how the proposed changes will enhance transparency in the auditor’s report regarding auditors’ responsibilities relating to fraud as well as fraud-related procedures (i.e., Key Audit Matters related to fraud).

The proposed changes to ISA 240 significantly strengthen auditors’ responsibilities relating to fraud. The IAASB encourages all stakeholders to submit their comments using the Response Template, designed to facilitate structured responses and streamline feedback collation and analysis. Stakeholders are invited to share their insights by June 5, 2024.

Don’t miss the opportunity to gain a comprehensive overview of the ISA for LCE from the IAASB.

New resources from the International Auditing and Assurance Standards Board (IAASB) are now available to help stakeholders understand, implement, and use the new standard for audits of smaller and less complex entities (the ISA for LCE). A comprehensive new three-part video series is now available and registration has opened for a global webinar.

Navigating the ISA for LCE Video Series

The newly released video series details important aspects of the standard.

• Exploring the Benefits: Learn more about the objectives, benefits, and its distinguishing features compared to the full suite of ISAs.
• A Closer Look at Applicability and Use: Understand the conditions under which the standard can be applied, including the role of legislative and regulatory authorities.
• A Step-by-Step Walkthrough: Gain an in-depth understanding of the standard’s design principles, structure, and content layout.

Global Webinar: Understanding the ISA for LCE

Don’t miss the opportunity to gain a comprehensive overview of the ISA for LCE.

• Date/Time: April 3, 2024 at 7:00-8:30 am ET
• Venue: Zoom with livestreaming on YouTube and LinkedIn
• Agenda: Key topics include the standard’s purpose, authority, structure and associated benefits
• Speakers include IAASB member Kai Morten Hagen and IAASB staff members Isabelle Raiche, Jasper van den Hout, and Kazuko Yoshimura.

Register here.

In addition to the webinar and video series, the IAASB will also issue supplementary guidance, a fact sheet on adoption, and a first-time implementation guide in 2024. All materials will be available on the IAASB website: www.iaasb.org/ISAforLCE