Proposed SAS Covers Auditors' Responsibilities on Fraud

The Auditing Standards Board (ASB) proposed a Statement on Auditing Standards (SAS), "The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements", that would supersede SAS 122 and take effect on or after Dec. 15, 2028, with early implementation permitted. The proposal is intended to clarify and expand the auditor’s responsibilities related to fraud, including specific considerations for governments and nonprofits. Partner, Lisa A. Ritter, CPA, CFE, CITP, has published an article in the June Pennsylvania CPA Journal detailing what auditors can expect.