Regulators and file reviewers regularly note significant weaknesses in audit firms’ approaches to fraud risk, including work on journals – despite increasing use of data analytics software to automate journals testing. This session will provide a refresher on key ISA (UK) 240 requirements with practical examples and tips for auditors. Specific topics covered include:

• What are auditors’ responsibilities relating to fraud
• The ‘fraud triangle’ and owner-managed businesses
• Demonstrating professional scepticism
• Fraud in revenue recognition
• Journals testing including practical tips for the use of data analytics