Monday, January 18, 2021
The AUASB has finalised its submission to the IAASB's Fraud and Going Concern in an Audit of Financial Statements Discussion Paper.
Following extensive consultation with Australian stakeholders the AUASB has recently finalised and submitted to the IAASB its response to the IAASB's Fraud and Going Concern in an Audit of Financial Statements Discussion Paper. A copy of the AUASB’s submission is located here.
In its response to the Discussion Paper the AUASB commends the IAASB for seeking feedback from a broad range of stakeholders for these two important topic areas. Indeed, the final report from the recent Australian parliamentary inquiry into the Regulation of Auditing in Australia recommended that a review of the sufficiency and effectiveness of reporting requirements in relation to the prevention and detection of fraud and management’s assessment of going concern is undertaken.
Consistent with AUASB’s strategic directive to adopt standards issued by the IAASB, the AUASB has coordinated its efforts to respond to the IAASB’s Discussion Paper with our responses to the parliamentary inquiry.
Should you have any queries regarding this submission, please contact the AUASB at [email protected].