Guide to: ISA 240 (Revised) The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements

5th October 2022

In May 2021, the Financial Reporting Council (FRC) published revisions to the International Standard on Auditing (ISA) (UK) 240: The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements.

The revisions are effective for audits for periods beginning on or after 15 December 2021. They were made to address concerns about audit quality and the effectiveness of audit, and to clarify auditors’ responsibilities in respect of the risk of fraud in the financial reporting process.

We have produced a guide to the changes for auditors and changes for the annual audit, downloadable below.

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