Proposed international standard on Auditing 240 (Revised)


Recent global corporate failures underscore the necessity to clarify and enhance auditors’ roles in addressing fraud and suspected fraud, thereby bolstering public trust in financial reporting.

The proposed revisions to the IAASB’s standards aim to significantly strengthen auditors’ responsibilities regarding fraud by setting clear expectations, implementing more rigorous procedures, and enhancing transparency about auditors’ duties and fraud-related actions in their reports.

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