CALL FOR AUDITORS TO GAIN ‘REASONABLE ASSURANCE’ ON FRAUD
October 2nd, 2020
The UK’s Financial Reporting Council (FRC) is proposing a revision to Britain and Ireland’s auditing standards to require auditors “to obtain reasonable assurance” that a client’s financial statements “are free from material misstatement due to fraud”. The proposals to revamp the 16-year-old International Standard on Auditing (UK) (ISA (UK) 240, from December 15, 2021, would also beef up professional scepticism requirements so that audits are not biased towards obtaining corroborative facts and exclude contradictory evidence. Similarly, auditors ...
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