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ISA (UK) 240

PROPOSED INTERNATIONAL STANDARD ON AUDITING (UK) 240 (REVISED 2021)* THE AUDITOR S RESPONSIBILITIES RELATING TO FRAUD IN AN AUDIT OF FINANCIAL STATEMENTS (Effective for audits of financial statements for periods commencing on or after 15 December 2021) CONTENTS Paragraph Introduction Scope of this ISA (UK) .. 1 Characteristics of Fraud .. 2 3 Responsibility for the Prevention and Detection of Fraud .. 4 8 Effective Date .. 9 Objectives .. 10 Definitions .. 11 Requirements Professional Skepticism .. 12 14 Related Parties .. 14-1 Discussion among the Engagement Team .. 15 15-4 Risk Assessment Procedures and Related Activities .. 16 24-1 Identification and Assessment of the risks of material misstatement Due to Fraud .. 25 27-1 Responses to the Assessed risks of material misstatement Due to Fraud.

1 ISA (UK) 315 (Revised July 2020), Identifying and Assessing the Risks of Material Misstatement. 2 ISA (UK) 330 (Revised July 2017), The Auditor’s Responses to Assessed Risks. Proposed ISA (UK) 240 (Revised 2021)

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