Academic journal article Journal of Accountancy

Heralded Fraud SAS Released

Academic journal article Journal of Accountancy

Heralded Fraud SAS Released

Article excerpt

After deliberating under the watchful eyes of both the accounting community and the popular press, the American Institute of CPAs auditing standards board has issued a ground-breaking statement on auditing standards. "SAS no. 82, Consideration of Fraud in a Financial Statement Audit, provides a benchmark for what auditors need to do to fulfill their responsibilities related to consideration of fraud in an audit," David Landsittel, ASB fraud task force chairman, told the Journal. "I am hopeful that the standard win enhance the likehood of detection of material misstatement due to fraud, further enabling the CPA profession to serve the public interest and increase the value of our services."

What's new

A special report in the Journal (June 96, page 17), announcing the issuance of the fraud exposure draft, discussed the major issues in the proposed statement. "There were no major changes in structure or focus in the final statement," said Landsittel, "but I don't want to undersell the important input we got." The ASB received comment letters from small and large firms as well as state CPA societies and others. …

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