AICPA Audit Standards Group Seeks Input on Fraud Responsibility

Auditors could get updated guidance from a CPA group establishing required procedures for what to do when they identify fraud.

The American Institute of Certified Public Accountants’ auditing standards board announced Thursday it’s seeking public input on an exposure draft that would update auditors’ responsibilities related to fraud. Comments on the document are due by Oct. 3.

The board, a senior AICPA committee, issues standards and guidance for performing audit engagements for firms that aren’t under the jurisdiction of the federally chartered Public Company Accounting Oversight Board. The PCAOB oversees audits of publicly traded companies, as well as those of ...