IAASA issues revised ISA (Ireland) 240

Following public consultation, IAASA has issued a revised version of ISA (Ireland) 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. The revised standard is effective for audits of financial statements for periods beginning on or after 15 December 2021, with early adoption permitted.

The main changes to the standard are designed to:

• provide increased clarity about the auditor's obligations to detect material fraud

• enhance the requirements for the identification and assessment of the risk of material misstatement due to fraud and the procedures to respond to those risks

For further details please click here.