Regulation
FRC to clarify audit fraud responsibilities
It comes as in May 2021, the Financial Reporting Council (FRC) published revised ISA (UK) 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
The ICAEW has said that Sir Donald Brydon’s review on the quality and effectiveness of audit has noted a “perceived expectation gap related to the auditor’s responsibility for fraud”, as the FCA seeks to clarify audit fraud responsibilities.
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