ISSAI 1240
ISSAI 1240
ISSAI 1240
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<strong>ISSAI</strong> <strong>1240</strong><br />
Table of Contents <strong>ISSAI</strong> <strong>1240</strong><br />
Practice Note TO ISA 240<br />
Background<br />
Introduction to the ISA<br />
Content of the Practice Note<br />
Applicability of the ISA in Public Sector Auditing<br />
Paragraph<br />
P1<br />
P2<br />
Additional Guidance on Public Sector Issues<br />
P3<br />
Overall Considerations<br />
P4–P5<br />
Definitions<br />
P6<br />
Professional Skepticism<br />
P7–P9<br />
Discussion among the Engagement Team<br />
P10<br />
Risk Assessment Procedures and Related Activities P11–14<br />
Identification and Assessment of the Risks of Material Misstatement Due to Fraud<br />
P15<br />
Responses to the Assessed Risks of Material Misstatement Due to Fraud<br />
P16–P17<br />
Evaluation of Audit Evidence<br />
P18<br />
Auditor Unable to Continue the Engagement<br />
P19<br />
Communications to Management and with Those Charged with Governance<br />
P20<br />
Communications to Regulatory and Enforcement Authorities<br />
P21<br />
Appendix 1: Examples of Additional Fraud Risk Factors in the Public Sector Environment<br />
Appendix 2: Additional Examples of Possible Audit Procedures to Address the Assessed Risks<br />
of Material Misstatement Due to Fraud in the Public Sector Environment<br />
Appendix 3: Additional Examples of Circumstances in the Public Sector Environment that<br />
May Indicate the Possibility of Fraud<br />
International Standard on Auditing 240<br />
Introduction<br />
Scope of this ISA 1<br />
Characteristics of Fraud 2–3<br />
Responsibility for the Prevention and Detection of Fraud 4–8<br />
Effective Date 9<br />
Objectives 10<br />
Definitions 11<br />
The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements 219
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