ISA 240 (Revised) — The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements

ISA 240 (Revised) is an international pronouncement addressing auditor responsibilities relating to fraud risk, responses and communication. The auditor identifies and assesses fraud-related risks, responds to them, and evaluates information obtained during the audit. Management and those charged with governance retain primary responsibility for prevention and detection; an audit cannot guarantee all fraud is found.