Executive Summary of SAS No. 151

The executive summary of Statement on Auditing Standards (SAS) No. 151, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, summarizes the changes to the fraud standard and other auditing standards. Some of the more significant changes introduced by SAS No. 151 include providing the auditor with a fraud lens when performing risk assessment procedures and providing explicit requirements to clarify the auditor’s response when fraud or suspected fraud is identified in a financial statement audit.