Reporting on irregularities, including fraud is a new requirement in revised ISA (UK) 700. The revision was brought about following cases such as the collapse of Patisserie Valerie, aiming to narrow the gap between the general public’s perception of what auditors do in relation to fraud and the actual extent of the audit work.

The audit reports in the latest UK GAAP and IFRS Model Accounts, reviewed by Katherine White ACA of Buzzacott and John Selwood ACA, include illustrative wording on reporting on irregularities, including fraud.