Audit 201: Fraud Risk - Minimum Audit Requirements

Overview

Fraud Risk - Complying with Minimum Audit Requirements will highlight the audit procedures most effective in identifying, assessing and responding to fraud risk. 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 event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Prerequisites

None

Objectives

Upon completion of this course, you will be able to...

• Recall the various types of fraud relevant to a financial statement audit
• Recognize the symptoms of fraud and how to identify risk of material misstatement due to fraud
• Recall appropriate responses to identified fraud risk
• Identify the requirements related to fraud and noncompliance in various generally accepted auditing standards

Highlights

The major topics covered in this course include:

• The expectation gap with financial statement users regarding the auditor's responsibilities for preventing and detecting fraud
• Fraud inquiries and engagement team discussion points
• Fraud risk on an audit
• Testing journal entries and other tests for management override
• Required fraud and noncompliance communications by various auditing, including communications required by Government Auditing Standards, PCAOB Audit Standards, and International Standards on Auditing