Conformity with International Standards Conformity with International Standards on Auditing

Conformity with International Standards on Auditing

121 Except as noted below, this Auditing Standard conforms with International Standard on Auditing ISA 240 The Auditor's Responsibility to Consider Fraud in an Audit of Financial Statements, issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants. The main difference between this Auditing Standard and ISA 240 is:

• This Auditing Standard includes explanatory guidance on the following matters not contained in ISA 240:

♦ Legislation may require the auditor to maintain the confidentiality of information disclosed to the auditor by a person regarding contraventions or possible contraventions of the law. In such circumstances, the auditor may be prevented from communicating that information to management or those charged with governance in order to protect the identity of the person who has disclosed confidential information that alleges a breach of the law. Consequently, the auditor may need to consider the implications for the audit engagement (paragraph 102). ISA 240 does not provide for exceptions on communicating on matters of fraud with those charged with governance.

♦ Guidance relating to circumstances pursuant to the Corporations Act 2001, when the auditor may not be permitted to withdraw from the engagement (paragraph 115). ISA 240 does not provide for exceptions where withdrawal from an engagement may not be permitted.

Compliance with this Auditing Standard enables compliance with ISA 240.