New audit standards to take a harder look at fraud

IAASB member Greg Schollum and IAASB chair Tom Seidenstein (right) at a recent meeting in NZ. (Image: Guy Robinson)

Tue, 12 Mar 2024

Auditors will be expected to cast a more sceptical eye over financial reports when faced with misleading information, the visiting head of a global standards board says.Tom Seidenstein, chair of the International Auditing and Assurance Standards Board (IAASB), visited New Zealand in late February to consult with NZ’s own standard setter, the External Reporting Board (XRB) and others. Citing recent corporate failures throughout the world, the IAASB is consulting on strengthening and clarifying the roles of auditors in dealing with pos...

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