The financial statement auditor's overall responsibility is to obtain sufficient appropriate audit evidence to provide reasonable assurance as to whether the financial statements are materially misstated due to fraud or error. The difficulty is that there are inherent limitations related to detecting fraud due to deliberate schemes to conceal the intent to deceive, such as collusion. This fraud and auditing CPE course will highlight the audit procedures most effective in identifying, assessing and responding to fraud risk.
Learning Objectives
Upon completion of this course, participants will be able to:
Explain the various types of fraud relevant to a financial statement audit
Recall the symptoms of fraud and how to identify risk of material misstatement due to fraud
List appropriate responses to identified fraud risk
Recognize the requirements related to fraud and noncompliance in various generally accepted auditing standards
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
Required fraud and noncompliance communications by various auditing
