On October 14, 2026, the Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) 151, The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements, which supersedes AU-C 240, Consideration of Fraud in a Financial Statement Audit, (the primary auditing guidance related to fraud) and amends various other sections of the auditing professional literature. The ASB adopted SAS 151 in August, and the standard has now been published. SAS 151 improves and explains in greater detail
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SAS 151: Clarifying and Enhancing Auditor Responsibilities Relating to Fraud
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Download the CPEA Alert - October 2026 - SAS 151 - Clarifying and Enhancing Auditor Responsibilities Related to Fraud
File name: CPEA Alert - October 2026 - SAS 151 - Clarifying and Enhancing Auditor Responsibilities Related to Fraud.pdf
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