This report is a tool for learning and presents best practices for supporting the accountancy profession’s development in emerging economies. It highlights what some countries have overcome in times of disruption and conflict to put the interest of the public first and establish a sound accountancy profession. As many parts of the world face fragile identifiers, pandemics, violence, and more, the profession is stepping up to tackle these challenges.

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.