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Assessing the Risk of Fraud In a Financial Statement Audit

8:30 am–4:15 pm ET

# of CPE Credits

8

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 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. We will take a look at various cyber-fraud schemes and how they might be prevented/detected, at the use of analytics as fraud-risk procedures, and at assessing the risk of fraud in a Single Audit. This course features case studies.

Objective

* 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

Highlights

* 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

Who Should Attend

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

Required Knowledge

None

Advanced Prep

None

Additional Event Information

Technical Support
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*NCACPA office hours are 9:00 am–5:00 pm ET. Online Learning Team members will be available via email 30 minutes prior to the start of a live online program.

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Event Vendor:Surgent McCoy CPE, LLC
Field of Study:Auditing
Level: Basic

Event Type:Webcast
NASBA Instructional Method:Group Internet Based
Event Code:W0024922

Registration Fees

RegistrationEarly BirdRegular
NCACPA MemberN/A$260.00
Non-MemberN/A$360.00
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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