Self-Study On-Demand

2 CPE

Surgent's Fraud Risk Assessment Basics

Self-Study On-Demand
2 CPE
The financial statement auditor’s overall objectives are to obtain reasonable assurance as to whether the financial statements are materially misstated due to fraud or error and to issue a report that includes an opinion. As noted in the independent auditor’s report, the risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. This module will highlight the audit procedures required by professional standards to assess the risk of fraud and perform further procedures in response to fraud risk. (Please Note: This module is part of Surgent's Audit Skills Training: Level 2.)

Learning Objectives

 

  • Explain the various types of fraud relevant to a financial statement audit
  • Discuss the requirements related to fraud in generally accepted auditing standards
  • Describe fraud indicators
  • Perform appropriate responses to identified fraud risk

 

Major Topics

•      Explain the expectation gap with financial statement users regarding the auditor’s responsibilities for preventing and detecting fraud


•      Fraud inquiries and engagement team discussion points


•      Identifying and responding to fraud risk on an audit


•      Testing journal entries and other tests for management override


•      Fraud communications

CPE Credits Available

2 CPE
2
Auditing

Things to Know About This Course

Course Level

  • Basic

Prerequisites

None

Advanced Preparation

None

Intended Audience

Accountants who have responsibility for identifying, assessing, and responding to fraud risk on a financial statement audit

Provider

Surgent

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