UASB Remote Roundtable to discuss IAASB Fraud Discussion Paper

Thursday, September 10, 2020

The AUASB in conjunction with the CA ANZ and CPA Australia is seeking input from Australian stakeholders in order to inform them on the important topic of fraud in the audit of financial statements. To facilitate gathering stakeholder’s views and available evidence, the AUASB are holding a roundtable for audit practitioners, audit academics, standard setters, financial report preparers, forensic accountants, insolvency practitioners and regulators to explore the questions raised in a recent IAASB’s discussion paper on this topic.

There continues to be concern and debate in relation to the responsibilities of the auditor with regard to fraud in the audit of financial statements both in Australia and internationally. As a result this topic is on the International Auditing and Assurance Standards Board’s (IAASB) and the Australian Auditing and Assurance Standards Board’s (AUASB) agendas as follows:

• The IAASB has commenced a project on fraud and going concern and released a discussion paper in the middle of September 2020 to gather views on the issues and possible ways to address these from stakeholders. The AUASB will respond to this discussion paper.
• The Parliamentary Joint Committee’s (PJC) interim report on Regulation of Auditing in Australia includes a recommendation for a review of the sufficiency and effectiveness of reporting requirements under the Australian standards in relation to the prevention and detection of fraud.

Register to participate in this roundtable which will inform the AUASB, CA ANZ and CPA Australia in their responses to the IAASB on their discussion paper and provide vital information on how best to respond to the PJC’s recommendation. This will also provide a basis for international leadership on this topic.

The Roundtable will be held as a virtual session on Tuesday 10th of November 2020 from 3.00 pm - 4.30 pm. Please register ASAP as only 50 places are available.