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).
ering and evaluating audit evidence. (See paragraph .46 through .49.) The section requires the auditor to respond to the results of the risk assessment in three ways: a. A response that has an overall effect on how the audit is con-ducted, that is, a response involving more general considerations apart from the specific procedures otherwise ...
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