WL008223: Evaluating Fraud Risk in a Financial Statement Audit
The Association of Certified Fraud Examiners says 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 mid-size entities along with internal controls that could be implemented to help prevent and detect them. This course features case studies.

Event Level: Basic
Required Knowledge: None
Advanced Preparation: None
Who Should Attend: CPAs in either public or private practice with accounting, financial reporting, or attest responsibilities
Vendor: Surgent
Speaker: Thomas Newell

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
Event Information
Date Presented:
November 20, 2023 8:30 AM Eastern
Length:
3 hours, 45 minutes
Member Price:
$150.00
Non-Member:
$205.00
WL008223: Evaluating Fraud Risk in a Financial Statement Audit
Individual topic purchase: Selected
North Carolina Association of Certified Public Accountants
Accounting: 2.00
Auditing: 2.00