Transcription of AU Section 316 - American Institute of Certified Public ...
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AU Section 316 - American Institute of Certified Public ...
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).
• Obtaining the information needed to identify risks of material mis-statement due to fraud. This section requires the auditor to gather information necessary to identify risks of material misstatement due to fraud, by a. Inquiring of management and others within the entity about the risks of fraud. (See paragraphs .20 through .27.) b ...
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