Assessing the Risk of Fraud in a Financial Statement Audit


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 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 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 mid-size entities along with internal controls that could be implemented to help prevent and detect them. This course features case studies.


* Understand the drivers of fraud risk in a financial statement audit * Conduct procedures required by professional literature to asses 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


* Fraud landscape in the United States * Fraud risk procedures as updated by recently issued standards * Most likely fraud types found in small- to mid-size entities * Internal controls to prevent and detect fraud * What to do when fraud or suspected fraud is identified * Case studies based on recent frauds

Who Should Attend

CPAs in either public or private practice with accounting, financial reporting, or attest responsibilities

Required Knowledge


Advanced Prep


Event Speaker(s)

Ms. Margaret S. Thomas, CPA, MHA ( Surgent McCoy CPE, LLC, Canton, GA ),

Additional Event Information

Check-in for all in-person events begins one hour prior to event start time. Also, be sure to allow enough time for traffic, parking, and check-in. If you should arrive late or depart early, you must adjust your CPE credit accordingly.

Also Available As

Thursday, November 12, 2020 (8:30 am–4:15 pm ET)
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Event Vendor:Surgent McCoy CPE, LLC
Field of Study:Auditing
Level: Basic
Other:New Course

Event Type:Seminar
NASBA Instructional Method:Group Live
Event Code:S0006220

Registration Fees

Early Bird Rate expires October 29, 2020

Registration FeeEarly BirdRegular
NCACPA Member$245.00$295.00
CPE Sponsors LogoThe North Carolina Association of Certified Public Accountants is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/.

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