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ARTICLE · 03 MARCH 2010

Statement On Auditing Standards - Consideration Of Fraud

Wilson Elser Moskowitz Edelman & Dicker LLP
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The Auditing Standards Board ("ASB") of the American Institute of Certified Public Accountants ("AICPA") will review the exposure draft of the proposed Statement on Auditing Standards ("SAS"), Consideration of Fraud in a Financial Statement Audit, at its January 2010 meeting as part of the continuing Clarity Project.

United StatesAccounting and Audit
H. Steven Vogel
H. Steven Vogel
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Statement on Auditing Standards – Consideration Of Fraud In A Financial Statement Audit – Slated For Review By The Auditing Standards Board

The Auditing Standards Board ("ASB") of the American Institute of Certified Public Accountants ("AICPA") will review the exposure draft of the proposed Statement on Auditing Standards ("SAS"), Consideration of Fraud in a Financial Statement Audit, at its January 2010 meeting as part of the continuing Clarity Project.

The ASB will consider a number of issues at the January meeting, including whether the fraud standard should remain as a "standalone" standard, as opposed to the Public Company Accounting Oversight Board ("PCAOB") approach, which is to combine the fraud standard with the risk assessment standards. Extant SAS 99 was developed as a standalone standard primarily to elevate the concept of fraud as a very specific audit focus, separate and apart from the overall audit risk assessment and response. The PCAOB is in the

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