KARACHI, March 1: The southern regional committee of the Institute of Chartered Accountants of Pakistan (ICAP) organized a seminar on Update on International Standards on Auditing on Wednesday. The seminar, which was chaired by former ICAP president Hussain Basrai, was addressed by Asad Ali Shah.

He highlighted the important international standards on auditing in general and ISA-240 regarding auditor’s responsibility to consider fraud, in particular. Basrai in his speech said that the type of frauds auditors are more likely to face in this competitive environment are off balance sheet financing, unrecorded liabilities, improper asset valuation and omission of disclosure of related party transactions.