Evaluating Fraud Risk in a Financial Statement Audit
December 4th, 2023 - December 4th, 2023 @ 9:00am-12:30pm
| Member Price | $149 |
| Non-Member Price | $199 |
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Credits
4Description
The Association of Certified Fraud Examiners says that there is fraud lurking in all businesses, including not-for-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 course will discuss the audit procedures that should be performed in accordance with AU-C 240 as recently amended, 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 midsize entities along with internal controls that could be implemented to help prevent and detect them. This course features case studies.Objectives
Understand the drivers of fraud risk in a financial statement audit
Conduct procedures required by professional literature to assess the risk of fraud
Develop discussion points to review with management and those charged with governance
Identify the main types of fraud that occur in small to midsize companies and develop internal controls to be responsive to those risks
Evaluate fraud case examples and identify how fraud occurred and how it could have been prevented or detected
Major Subjects
Fraud landscape in the United States
Fraud risk procedures as updated by recently issued standards
Most likely fraud types found in small to midsize entities
Internal controls to prevent and detect fraud
What to do when fraud or suspected fraud is identified
Case studies based on recent frauds