Transcription of AU Section 316 - AICPA
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AU Section 316 - AICPA
Consideration of fraud in a Financial Statement Audit1719AU Section 316 Consideration of fraud in a FinancialStatement Audit(Supersedes SAS No. 82.)Source: SAS No. 99; SAS No. for audits of financial statements for periods beginning on or afterDecember 15, 2002, unless otherwise and 110,Responsibilities and Functions of the Independent Audi-tor, paragraph .02, states, "The auditor has a responsibility to plan and performthe audit to obtain reasonable assurance about whether the financial state-ments are free of material misstatement, whether caused by error or fraud .[footnote omitted]"1 This Section establishes standards and provides guidanceto auditors in fulfilling that responsibility, as it relates to fraud , in an audit offinancial statements conducted in accordance with generally accepted auditingstandards (GAAS).
vention, for example, special investigations to determine the extent of a suspected or detected fraud. These other services usually include procedures that extend beyond or are different from the proce-dures ordinarily performed in an audit of financial statements in accordance with generally accepted auditing standards (GAAS).
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