The International Auditing and Assurance Standards Board (IAASB) proposed significant strengthening of its standard on auditors' responsibilities relating to fraud, a news release said. In light of recent corporate failures throughout the world, the release said, the board proposed revisions to enhance public trust and confidence in financial reporting.
The proposed revisions to International Standard on Auditing No. 240 (Revised), The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements, set out to define expectations in relation