ISSAI 1240

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ISSAI 1240 Requirements Paragraph Professional Skepticism 12–14 Discussion among the Engagement Team 15 Risk Assessment Procedures and Related Activities 16–24 Identification and Assessment of the Risks of Material Misstatement Due to Fraud 25–27 Responses to the Assessed Risks of Material Misstatement Due to Fraud 28–33 Evaluation of Audit Evidence 34–37 Auditor Unable to Continue the Engagement 38 Written Representations 39 Communications to Management and with Those Charged with Governance 40–42 Communications to Regulatory and Enforcement Authorities 43 Documentation 44–47 Application and Other Explanatory Material Characteristics of Fraud Professional Skepticism Discussion among the Engagement Team Risk Assessment Procedures and Related Activities Identification and Assessment of the Risks of Material Misstatement Due to Fraud Responses to the Assessed Risks of Material Misstatement Due to Fraud Evaluation of Audit Evidence Auditor Unable to Continue the Engagement Written Representations Communications to Management and with Those Charged with Governance Communications to Regulatory and Enforcement Authorities A1–A6 A7–A9 A10–A11 A12–A27 A28–A32 A33–A48 A49–A53 A54–A57 A58–A59 A60–A64 A65–A67 Appendix 1: Examples of Fraud Risk Factors Appendix 2: Examples of Possible Audit Procedures to Address the Assessed Risks of Material Misstatement Due to Fraud Appendix 3: Examples of Circumstances that Indicate the Possibility of Fraud 220 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
ISSAI 1240 practice note 240 Practice Note 1 to International Standard on Auditing (ISA) 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements Background This Practice Note provides supplementary guidance on ISA 240 – The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. It is read together with the ISA. ISA 240 is effective for audits of financial statements for periods beginning on or after December 15, 2009. The Practice Note is effective the same date as the ISA. Introduction to the ISA ISA 240 deals with the auditor’s responsibilities relating to fraud in an audit of financial statements. Specifically, it expands on how ISA 315 2 and ISA 330 3 are to be applied in relation to risks of material misstatement due to fraud. Content of the Practice Note P1. The Practice Note provides additional guidance for public sector auditors related to: (a) Overall Considerations. (b) Definitions. (c) Professional Skepticism. (d) Discussions among the Engagement Team. (e) Risk Assessment Procedures and Related Activities. (f) Identification and Assessment of the Risks of Material Misstatement Due to Fraud. (g) Responses to the Assessed Risks of Material Misstatement Due to Fraud. (h) Evaluation of Audit Evidence. (i) Auditor Unable to Continue the Engagement. (j) Communication to Management and with Those Charged with Governance. (k) Communications to Regulatory and Enforcement Authorities. Applicability of the ISA in Public Sector Auditing P2. ISA 240 is applicable to auditors of public sector entities in their role as auditors of financial statements. 1 All Practice Notes are considered together with ISSAI 1000, ”General Introduction to the INTOSAI Financial Audit Guidelines.” 2 ISA 315, “Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment.” 3 ISA 330, “The Auditor’s Responses to Assessed Risks.” The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements 221
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ISSAI 1240

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