Assessing the Risk of Fraud in a Financial Statement Audit - NEW! – Webcast

Add to Calendar

Jun 10, 2020

Registration: 7:30 AM / Program: 8:00 AM - 4:00 PM Pacific Time

Fees

Member Fee: $0.00
Nonmember Fee: $0.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: None

Description

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 su?cient 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-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.

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

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
  • 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

This event has already passed. If you have any questions, please contact us at 503-641-7200 or email profdev@orcpa.org.