The International Auditing and Assurance Standards Board’s suggestion that auditors maintain a “suspicious mindset” was not supported in NASBA’s response to the IAASB’s discussion paper on “Fraud and Going Concern in an Audit of Financial Statements.” Auditors need to have “professional skepticism,” but the new term would not enhance their planning for fraud identification, the NASBA response makes clear. It does suggest that regulators consider requiring continuing professional education in fraud in the context of a financial statement audit, as specified in the California Board’s regulations. The letter can be found on the NASBA website

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