Assessing the Risk of Fraud In a Financial Statement Audit WEBCAST

Thursday, June 23 8:00am - 4:00pm PDT

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8.0 Credits

Member Price $259.00

Non-Member Price $309.00

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. We will take a look at various cyber fraud schemes and how they might be prevented/detected, at the use of analytics as fraud risk procedures, and at assessing the risk of fraud in a Single Audit. 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 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. Cyber fraud schemes and how to prevent/detect them. Analytics that can be used as fraud risk procedures. Assessing the risk of grant fraud in a Single Audit.

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):

Leader Bios

William Eskin

2009 AICPA Outstanding Discussion Leader Award winner!

Bill is the owner of a consulting group, WIE, Inc. that provides assistance to the surety and fidelity companies involving their underwriting, claim, and recovery functions, as well as profit enhancement for small and medium-sized entities. In addition, Bill is frequently retained as an expert in the areas of GAAS compliance, SSARS compliance, and GAAP compliance, specifically related to identifying and proving CPA malpractice.

Previously, Bill was the Director of Financial Analysis & Investigation for the world’s largest surety operation. There, he provided financial and accounting assistance, and advice to the underwriting and claims functions in addition to performing numerous forensic reviews related to employee dishonesty and other defalcations.

Bill is a frequent speaker at the AICPA National Construction Conference, numerous state CPA societies, as well as many organizations related to GAAP compliance, GAAS compliance, SSARS compliance, construction and surety. In addition, each year, he assists in the review of the AICPA annual Construction Audit Guide Update and Construction Contractors Industry Developments.

The Florida Institute of CPAs named Bill as an Outstanding Discussion Leader for both 2004 and 2005.

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Non-Member Price $309.00

Member Price $259.00