Fraud Risk – Complying with Minimum Audit Requirements

Learning Objectives

• To explain the various types of fraud relevant to a financial statement audit.
• To describe the symptoms of fraud.
• To analyze how to identify the risk of material misstatement due to fraud.
• To explain appropriate responses to identified fraud risk.
• To discuss the requirements related to fraud and non-compliance in various generally accepted auditing standards.

Course Description

The Association of Certified Fraud Examiners says that there is fraud lurking in all businesses including non-profit organizations. It often goes undetected for years and when uncovered, management and the board may question why the auditor did not identify it. 

The auditor’s responsibility in a financial statement audit is to assess risk and perform sufficient procedures to obtain reasonable assurance that the financial statements are free from material misstatement due to fraud or error. However, failure to perform an adequate fraud risk assessment and report deficiencies in internal control, such as lack of segregation of duties can leave a firm vulnerable. 

This CPE course will discuss the audit procedures that should be performed, best practices in performing fraud risk assessment procedures, when and how to report control deficiencies noted in an audit, and the most frequent types of fraud found in small to mid-size entities along with internal controls that could be implemented to help prevent and detect them. 

Major Topics Covered in this Online CPE Fraud Webinar:

• Fraud Defined.
• Professional Skepticism.
• Auditor’s Responsibility for Fraud.
• Management’s Responsibility for Fraud.
• Fraud Inquiries.
• Engagement Team Discussion.
• Fraud Triangle.
• Addressing the Risk of Management Override.
• Fraud Analytics.
• Responding to Identified Fraud Risk.
• Fraud-Related Communications.

Here is the link to your interests: Accounting & Auditing CPE Courses | CPE Courses for Certified Internal Auditors 

Overview

• Professional skepticism

  5 mins
• Auditor's responsibility for fraud

  8 mins
• Engagement team discussion

  28 mins
• Working conditions that increase fraud risk in smaller entities

  42 mins
• Other procedures for testing management override

  68 mins
• Evaluation of audit evidence

  86 mins
• Communications for noncompliance with laws & regulations

  91 mins