FRC Seeks Tougher Auditing Standards To Fight Fraud

Law360, London (October 21, 2020, 1:47 PM BST) -- The Financial Reporting Council has proposed an update to auditing standards for detecting material fraud amid concerns that auditors are not doing enough work to detect fraud.

The auditing regulator revealed plans on Tuesday to revise one of the U.K. auditing standards, which focuses on the responsibility of an auditor to identify and assess the risk of fraud when he or she examines financial statements.

The measure — known as ISA (UK) 240, part of the International Standard on Auditing rulebook — also outlines requirements to help auditors identify the risk of material misstatement as a result of fraud. Material fraud can take...

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