The Authority Issues Its View on the Update of International Auditing Standard 240

الهيئة تبدي وجهة نظرها في تحديث المعيار الدولي للمراجعة 240

The Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by its Auditing Standards Board, welcomed in principle the International Auditing and Assurance Standards Board's (IAASB) draft update to International Standard on Auditing 240 on the auditor's responsibilities relating to fraud in financial statement audits. SOCPA raised concerns to the IAASB, including possible unintended effects from expanded emphasis on the auditor's fraud-related role that could distort stakeholders' understanding of that role, the importance of consistency in encouraging professional skepticism, and the need for clarity on the legal and behavioral boundaries of the auditor's responsibility for fraud risk, including the extent of disclosure required in the audit report about fraud-risk procedures.

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