Question
Which auditing standard outlines the auditor's
responsibilities relating to fraud in an audit of financial statements?Solution
A 240, "The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements," is an auditing standard issued by the Institute of Chartered Accountants of India (ICAI) that outlines the responsibilities of auditors in detecting and responding to fraud in the context of auditing financial statements.
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