ISSAI 1240
ISSAI 1240 ISSAI 1240
ISSAI 1240 INTOSAI Professional Standards Committee Financial Audit subcommittee-Secretariat Riksrevisionen • 114 90 Stockholm • Sweden Tel.:+46 5171 4000 • Fax:+46 5171 4111 • E-mail: projectsecretariat@riksrevisionen.se INTOSAI General Secretariat - RECHNUNGSHOF (Austrian Court of Audit) DAMPFSCHIFFSTRASSE 2 A-1033 VIENNA AUSTRIA Tel: ++43 (1) 711 71 Fax: ++43 (1) 718 09 69 intosai@rechnungshof.gv.at http://www.intosai.org This Financial Audit Guideline draws on International Standard on Auditing (ISA) 240 “The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements” developed by the International Auditing and Assurance Standards Board (IAASB) and published by the International Federation of Accountants (IFAC). The ISA is included in this Guideline with the permission of IFAC. 218 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
ISSAI 1240 Table of Contents ISSAI 1240 Practice Note TO ISA 240 Background Introduction to the ISA Content of the Practice Note Applicability of the ISA in Public Sector Auditing Paragraph P1 P2 Additional Guidance on Public Sector Issues P3 Overall Considerations P4–P5 Definitions P6 Professional Skepticism P7–P9 Discussion among the Engagement Team P10 Risk Assessment Procedures and Related Activities P11–14 Identification and Assessment of the Risks of Material Misstatement Due to Fraud P15 Responses to the Assessed Risks of Material Misstatement Due to Fraud P16–P17 Evaluation of Audit Evidence P18 Auditor Unable to Continue the Engagement P19 Communications to Management and with Those Charged with Governance P20 Communications to Regulatory and Enforcement Authorities P21 Appendix 1: Examples of Additional Fraud Risk Factors in the Public Sector Environment Appendix 2: Additional Examples of Possible Audit Procedures to Address the Assessed Risks of Material Misstatement Due to Fraud in the Public Sector Environment Appendix 3: Additional Examples of Circumstances in the Public Sector Environment that May Indicate the Possibility of Fraud International Standard on Auditing 240 Introduction Scope of this ISA 1 Characteristics of Fraud 2–3 Responsibility for the Prevention and Detection of Fraud 4–8 Effective Date 9 Objectives 10 Definitions 11 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements 219
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<strong>ISSAI</strong> <strong>1240</strong><br />
INTOSAI Professional Standards Committee<br />
Financial Audit subcommittee-Secretariat<br />
Riksrevisionen • 114 90 Stockholm • Sweden<br />
Tel.:+46 5171 4000 • Fax:+46 5171 4111 • E-mail: projectsecretariat@riksrevisionen.se<br />
INTOSAI General Secretariat - RECHNUNGSHOF<br />
(Austrian Court of Audit)<br />
DAMPFSCHIFFSTRASSE 2<br />
A-1033 VIENNA<br />
AUSTRIA<br />
Tel: ++43 (1) 711 71<br />
Fax: ++43 (1) 718 09 69<br />
intosai@rechnungshof.gv.at<br />
http://www.intosai.org<br />
This Financial Audit Guideline draws on International Standard on Auditing (ISA) 240 “The Auditor’s<br />
Responsibilities Relating to Fraud in an Audit of Financial Statements” developed by the International<br />
Auditing and Assurance Standards Board (IAASB) and published by the International Federation of<br />
Accountants (IFAC). The ISA is included in this Guideline with the permission of IFAC.<br />
218 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
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