We lodged ajoint submission with ACCA on 4 February to the International Auditing and Assurance Standards Board (IAASB) regarding its discussion paper seeking feedback on fraud and going concern in the audit of financail statements.

The discussion paper aims to gather perspectives on the role of the auditor in relation to fraud and going concern in an audit of financial statements and whether the ISAs on these topics remain fit for purpose.

Our submission is supportive of the IAASB for continuing to explore ways that auditors and other participants in the financial reporting ecosystem can address these issues. It notes that it is essential that audits and the profession evolve alongside the needs and expectations of key stakeholders, particularly when it comes to matters such as the auditors’ role in detecting and reporting actual or suspected fraud and dealing with going concern issues. It also notes that in many cases this may not necessarily be achieved by way of auditing standards alone, but will call for a much broader willingness to conceive and embrace change on the part of the profession, and all of the other key members of the ecosystem.