Munshi Samaduzzaman, Farah Rezwan, Kashfia Sharmeen


As the classic fraud triangle theory developed over the years, New Standards such as SAS99, SAS104, and SAS111 came into action in USA and ASA 240 in Australia. The new standards provide explanatory guidance on the auditor’s responsibility to consider fraud in an audit of a financial report. The new standards require the audit team to always maintain an attitude of professional skepticism, recognizing the possibility that a material misstatement due to fraud could exist. The standards are now implemented as legislations under corporation’s law and are legally enforceable on auditors. Auditing standards have been developed all these years in response to uncovered frauds and today auditors are held more accountable and responsible for their job. Expectations from auditors have also increased but it is still difficult to completely prevent the possibility of any future collapse.


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