Consideration of Fraud in a Financial Statement Audit – SAS No. 99

Supersedes Statement on Auditing Standards No. 82, Consideration of Fraud in a Financial Statement Audit, AICPA, Professional Standards, vol. 1, AU sec. 316; and amends SAS No. 1, Codification of Auditing Standards and Procedures, AICPA, Professional Standards, vol. 1, AU sec. 230, "Due Professional Care in the Performance of Work," and SAS No. 85, Management Representations, AICPA, Professional Standards, vol. 1, AU sec. 333.

This Statement establishes standards and provides guidance to auditors in fulfilling that responsibility, as it relates to fraud, in an audit of financial statements conducted in accordance with generally accepted auditing standards (GAAS).

Contents of this statement include:

• Description and characteristics of fraud.
• The importance of exercising professional skepticism.
• Discussion among engagement personnel regarding the risks of material misstatement due to fraud.
• Obtaining the information needed to identify risks of material misstatement due to fraud.
• Identifying risks that may result in a material misstatement due to fraud.
• Assessing the identified risks after taking into account an evaluation of the entity's programs and controls.
• Responding to the results of the assessment.
• Evaluating audit evidence.
• Communicating about fraud to management, the audit committee, and others.
• Documenting the auditor's consideration of fraud.

Note: This product is an electronic download file that will be accessible immediately after completing your purchase. Access to this file – from the My Download page – expires 90 days from purchase date.

Please note this product purchase is non-refundable. For more information about this product or service concerns, please contact the AICPA Service Center at service@aicpa.org or call 888-777-7077.