Document ID: chunk:federal_register_of_legislation:F2023C01124:front:0:p2
Version: federal_register_of_legislation:F2023C01124
Segment Type: other
Provision Reference: 
Character Range: 2941–7492

agreement of IFAC.

ISSN 1833‑4393

CONTENTS

COMPILATION DETAILS

AUTHORITY STATEMENT

CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING

Paragraphs

Application......................................................Aus 0.1-Aus 0.2

Operative Date............................................................Aus 0.3

Introduction

Scope of this Auditing Standard..................................................1

Characteristics of Fraud.......................................................2-3

Responsibility for the Prevention and Detection of Fraud...............................4-9

Effective Date..............................................................10

Objectives.................................................................11

Definitions................................................................12

Requirements

Professional Scepticism.....................................................13-15

Discussion among the Engagement Team...........................................16

Risk Assessment Procedures and Related Activities.................................17-25

Identification and Assessment of the Risks of Material Misstatement Due to Fraud..........26-28

Responses to the Assessed Risks of Material Misstatement Due to Fraud..................29-34

Evaluation of Audit Evidence.................................................35-38

Auditor Unable to Continue the Engagement........................................39

Written Representations.......................................................40

Communications to Management and with Those Charged With Governance..............41-43

Reporting Fraud to an Appropriate Authority Outside the Entity..........................44

Documentation...........................................................45-48

Application and Other Explanatory Material

Characteristics of Fraud....................................................A1-A5

Responsibility for the Prevention and Detection of Fraud............................A6-A7

Professional Scepticism...................................................A8-A10

Discussion among the Engagement Team......................................A11-A12

Risk Assessment Procedures and Related Activities..............................A13-A28

Identification and Assessment of the Risks of Material Misstatement Due to Fraud........A29-A33

Responses to the Assessed Risks of Material Misstatement Due to Fraud...............A34-A49

Evaluation of Audit Evidence..............................................A50-A54

Auditor Unable to Continue the Engagement...................................A55-A58

Written Representations..................................................A59-A60

Communications to Management and with Those Charged With Governance............A61-A66

Reporting Fraud to an Appropriate Authority outside the Entity......................A67-A69

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

COMPILATION DETAILS

Auditing Standard ASA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report (as Amended)

This compilation takes into account amendments made up to and including 27 April 2022 and was prepared on 2 March 2023 by the Auditing and Assurance Standards Board (AUASB).

This compilation is not a separate Auditing Standard made by the AUASB.  Instead, it is a representation of ASA 240 (October 2009) as amended by other Auditing Standards which are listed in the Table below.

Table of Standards
Standard         Date made         Operative Date
ASA 240 [A]      27 October 2009   Financial reporting periods commencing on or after 1 January 2010
ASA 2011‑1 [B]   27 June 2011      Financial reporting periods commencing on or after 1 July 2011
ASA 2013‑2 [C]   11 November 2013  Financial reporting periods commencing on or after 1 January 2014
ASA 2015‑1 [D]   1 December 2015   Financial reporting periods ending on or after 15 December 2016
ASA 2017-2 [E]   30 May 2017       Financial reporting periods commencing on or after 1 January 2018
ASA 2018-1 [F]   5 December 2018   Financial reporting periods commencing on or after 15 December 2019, with early adoption permitted[*]
ASA 2020-2 [G]   30 June 2020      Financial reporting periods ending on or after 15 July 2020
ASA 2020-1 [H]   3 March 2020      Financial reporting periods commencing on