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SAS No. 122, AU 240, Consideration of Fraud In A Financial Statement Audit requires that when a CPA is performing a financial statement audit, they must plan and perform their audit in such a manner that it will detect a material misstatement of the financial statements. This presentation is not an overview of AU 240, rather it's a descriptive Where The Rubber Meets The Road. What are some of the actual procedures that should be performed; who do you need to talk to (that you have probably never spoken to before); how to talk to individuals (you can't talk to everyone the same or you won't get the information you are looking for); what type of person does it take to be a successful fraud auditor (not everybody can be a good fraud examiner); how management appears to encourage fraud; how society encourages fraud; the importance of internal controls that limit risks; the concept of the Perception of Detection; and the importance of the control environment in deterring risks. Changes are, after viewing this presentation, you will never look at an audit the same.
External and Internal Auditors, Fraud Examiners
How to analyze the Tone At The Top:
- Recognizing how change presents opportunities
- Understanding the importance of professional skepticism and how one obtains it
- Define how the discovery of an error and the discovery of a fraud change the scope of an audit in a different manner
- Analyze a document for indicators of fraud
- Discover why you should always conduct a fraud examination in anticipation of going to court (regardless what your client says)
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