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IAASA issues revised ISA (Ireland) 240

12/10/2021

IAASA issues revised ISA (Ireland) 240

Following public consultation, IAASA has today (12 October) issued a revised version of:

  • ISA (Ireland) 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements

The main changes to the standard are designed to:

  • provide increased clarity about the auditor's obligations to detect material fraud
  • enhance the requirements for the identification and assessment of the risk of material misstatement due to fraud and the procedures to respond to those risks

 

The revised standard is effective for audits of financial statements for periods beginning on or after 15 December 2021, with early adoption permitted.

The revised standard is available here.

The feedback paper is available here.

Responses received are available here.

A slide deck setting out the key amendments to the revised standard is available here.

 

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