AICPA issues new audit standard for detecting fraud.

• Position: New Fraud Standards

The AICPA's Auditing Standards Board announced that it has approved a new standard: Statement on Auditing Standards 99, Consideration of Fraud in a Financial standard gives auditors expanded guidance for detecting material fraud. SAS 99 supersedes the Auditing Standards Board's earlier fraud standard, SAS 82, which had the same title.

SAS 99's key provisions are:

* Increased emphasis on professional skepticism;

* Discussions with management;

* Unpredictable audit tests; and

* Responding to management override of controls.

"As part of our continuous improvement process, we commissioned a number of independent academic research projects to help us understand how SAS 82 could be improved," said Chuck Landes, AICPA director, Audit and Attest Standards. "SAS...