Evaluating Fraud Risk in a Financial Statement Audit WEBCAST

Monday, August 23 8:00am - 11:30am PDT

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4.0 Credits

Member Price $158.00

Non-Member Price $183.00

Overview

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 AU-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 mid-size entities along with internal controls that could be implemented to help prevent and detect them. This course features case studies.

Highlights

Fraud landscape in the United States. Fraud risk procedures as updated by recently issued standards. Most likely fraud types found in small to mid-size entities. Internal controls to prevent and detect fraud. What to do when fraud or suspected fraud is identified. Case studies based on recent frauds.

Prerequisites

None.

Designed For

CPAs in either public or private practice with accounting, financial reporting, or attest responsibilities.

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 mid-size 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.

Preparation

None.

Notice

None.

Leader(s):

Leaders

Joann Cross

4.71 stars out of 5 - speaker rating for 2019

“Joann Cross did a great job!!” - past attendee

Dr. Cross earned her B.S. from the University of Wisconsin Madison in Theoretical Mathematics with minors in Meteorology Linguistics and Theater Arts. Her research and consulting interests are in accounting history, and the application of financial reporting standards. She is a Certified Public Accountant, a Certified Management Accountant, and a Certified Government Financial Manager.

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Non-Member Price $183.00

Member Price $158.00