Comments by the Auditing Standards Committee of the Auditing Section of the American Accounting Association on the Discussion Paper: Fraud and Going Concern in an Audit of Financial Statements: Exploring the Differences between Public Perceptions about the Role of the Auditor and the Auditor's Responsibilities in a Financial Statement Audit Academic Article uri icon

abstract

  • SUMMARY We commend the International Auditing and Assurance Standards Board (the Board) on its efforts to determine “whether the auditing standards related to fraud and going concern need to be updated to reflect the rapidly evolving external reporting landscape.” We especially commend the Board on the timeliness of the call for input into these issues in that there is sufficient time to conduct research to further inform questions raised in the Discussion Paper and the questions that will inevitably arise as deliberations continue and progress is made on the project. We note below insights from the extant research literature as they relate to the questions posed in the Discussion Paper, but there remain many unanswered questions. We believe that many members of the Auditing Section of the American Accounting Association stand ready to work with the Board and other stakeholders to inform deliberations in this area. Data Availability: Information about and access to the Discussion Paper are available at: https://www.iaasb.org/publications/fraud-and-going-concern-audit-financial-statements.

author list (cited authors)

  • Schaefer, T. J., Brown, V. L., Ege, M. S., Harding, N., Hermanson, D. R., Higgs, J. L., Jenkins, J. G., & Smith, K. W.

publication date

  • January 1, 2021 11:11 AM