8 production-ready working papers. Every risk factor mapped to a response procedure. Every ISA paragraph cross-referenced. Updated for ISA 240 (Revised), effective December 2026.
You know what an ISA 240 file should look like. The problem is building it.
The fraud risk assessment is the most documentation-intensive area of the audit. Every engagement needs risk factor identification, a documented brainstorming session, journal entry testing with fraud-specific selection criteria, management override procedures, revenue recognition fraud evaluation, and a response matrix that links every identified risk to a specific procedure.
Most firms build this from scratch every year. A senior auditor spends 12–15 hours constructing the template. The manager spends another 3–4 hours reviewing and rebuilding sections that do not meet the standard. The partner asks where the golden thread is — the documented link from identified risk to tailored response to conclusion. Back to the working paper.
ISA 240 (Revised) makes this harder. Effective December 2026, the revised standard introduces new requirements for fraud-specific stand-back evaluation, expanded TCWG communication throughout the audit, and stricter documentation of how fraud risk responses differ from error-focused testing. Every existing ISA 240 template in your firm will need updating.
Every document traces to specific ISA 240 paragraphs. Open the pack, fill in the engagement details, and start working.
101 risk factors across incentive, opportunity, and rationalisation — pre-mapped to ISA 240.A25 with severity assessment and entity-specific evaluation fields.
Structured engagement team discussion template with attendee tracking, prompted discussion areas, and documented outcomes per ISA 240.15.
Population completeness verification, fraud risk-based selection criteria linked to ISA 240.A46, testing results documentation, and conclusion template. 4 structured tabs.
Documents all three mandatory management override procedures (ISA 240.32): journal entries, accounting estimates, and significant unusual transactions.
Companion to FR-04. Documents the retrospective review of prior-year accounting estimates for indicators of management bias per ISA 240.32(b).
Revenue stream analysis with per-stream fraud risk evaluation, presumption assessment, specific procedures, and a reference sheet of common revenue fraud schemes with enforcement examples.
The golden thread. Maps every identified fraud risk to specific audit responses, documenting how nature, timing, and extent of procedures differ from error-focused testing. 6 worked examples.
Fraud-related communication with those charged with governance per ISA 240.40-42. Includes enforcement case documentation prompts.
Fraud-specific capstone evaluation required by ISA 240 (Revised). Documents the engagement partner’s conclusion that fraud risk assessments remained appropriate.
The most common quality review finding on ISA 240 files: "insufficient link between identified fraud risks and audit procedures performed." This pack solves it architecturally.
Risks identified in FR-01 and FR-02 feed directly into the response matrix in FR-06. FR-06 cross-references to FR-03 (journal entries), FR-04 (management override), and FR-05 (revenue recognition). FR-08 closes the loop with a stand-back that confirms every risk has a documented, concluded response. The reviewer does not have to hunt for the thread. It is built into the structure.
Less than 2 hours of a manager's billable time. Saves 10–15 hours per engagement.
Get My ISA 240 PackThe Audit-Proof Promise: full refund within 14 days if the templates do not fit your engagement approach.
Running 3–8 engagements per year who are tired of rebuilding the fraud risk assessment file every time.
Leading their first complex engagement who need to know what a defensible ISA 240 file looks like.
Who do not have an internal methodology team and need to produce Big 4-quality documentation efficiently.
Preparing for external audit who want to see exactly what the auditor will check and fix gaps before they arrive.
The revised standard is not a minor update. Key changes that affect your fraud documentation:
The engagement partner must now perform a dedicated evaluation at or near completion — not just a general ISA 330 stand-back. FR-08 is built for this.
Communication about fraud matters is required throughout the audit, starting at planning — not just at completion. FR-07 covers this.
The revised standard makes explicit what the AFM has been finding for years: “audit procedures effective in detecting errors may not be effective in detecting fraud.” FR-06 requires this distinction for every procedure.
Rebuttal is now described as “ordinarily inappropriate” unless all conditions are met. FR-05 documents this per revenue stream, not as a blanket assessment.
This pack is already built for the revised standard. Every working paper references both current and revised ISA 240 paragraph numbers.
Download FR-02: the structured brainstorming session template used in the full pack. Includes attendee tracking, prompted discussion areas, and documented outcomes per ISA 240.15.
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Of course. The question is whether 12–15 hours of a senior’s time per engagement is the best use of your team’s capacity. At EUR 150/hour, the pack pays for itself in the first 2 hours of saved time.
Every working paper references specific ISA 240 paragraph numbers — both the current standard and ISA 240 (Revised), effective December 2026. When the standard changes, so do the templates. Updates are free.
Every template traces to specific ISA requirements. FR-01 maps to ISA 240.A25. FR-03 maps to ISA 240.32(a) and A44–A48. FR-05 maps to ISA 240.26–27. The paragraph references are embedded throughout — not as footnotes, but as structural elements.
5 Excel workbooks and 3 Word documents. No macros, no special software. Open them in Excel/Word or Google Sheets/Docs and start working.
The Audit-Proof Promise: if the templates do not fit your approach, email us within 14 days for a full refund. No questions. See our full refund policy.
A practicing auditor with Big 4 and mid-tier experience. The templates reflect real engagement methodology, not academic interpretation.
The standard purchase covers one user. For team or firm-wide deployment, email [email protected] for licensing options.
8 working papers. 101 risk factors. 6 worked examples. Every ISA paragraph cross-referenced.
Saves 10–15 hours per engagement. Less than 2 hours of a manager's time.
Get My ISA 240 PackThe Audit-Proof Promise: full refund within 14 days if the templates do not fit your engagement approach.