The Exposure Draft, Proposed SAS The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, proposes to supersede AU-C section 240, Consideration of Fraud in a Financial Statement Audit, in AICPA Professional Standards, and amend various other AU-C sections.
To assist respondents in identifying changes and responding to the request to comment on the proposed revisions included in the exposure draft, the Audit and Attest Standards staff has prepared the following documents:
Fraud Supplement No. 1 – A comparison matrix of ISA 240 (Revised); the proposed SAS marked to highlight the differences between the proposed SAS and ISA 240 (Revised); extant AU-C section 240; and the rationale for the changes
Fraud Supplement No. 2 – Mapping of extant AU-C section 240 to the exposure draft of the proposed SAS
Fraud Supplement No. 3 – Flowchart that identifies the new and enhanced requirements in the proposed SAS to or based on other AU-C sections
Fraud Supplement No. 4 – Substantive differences between the ISA 240 (Revised) and the exposure draft of the proposed SAS with a brief description of how the requirements in the exposure draft of the proposed SAS differ from those in ISA 240 (Revised)
The staff-prepared supplements to the exposure draft are for informational purposes only and do not form part of the exposure draft; however, they may be useful for respondents in formulating comments.