Professional Skepticism - Finding Fraud and Error

Overview

This course will be available for 90 days from your date of purchase.

Professional Skepticism - Creating a Mindset for Finding Fraud and Error is a critical skill for audit and other attest services. The public places a high value on assurance services provided by an external public accountant, as the CPA's involvement directly enhances the degree of confidence intended users can place on the financial statements to make economic decisions. A proper mindset, including professional skepticism, is a critical feature of a high-quality audit or other attest service. Professional skepticism is an essential attitude that enhances the ability to identify and respond to conditions that may indicate possible material misstatement, whether due to fraud or error.

Prerequisites

None

Objectives

After attending this presentation, you will be able to:

• Identify traits of a skeptical auditor
• Recall applying professional skepticism on any assurance service
• Recognize fraud, including examples of fraud indicators
• Identify the auditor's responsibility for identifying and responding to fraud in a financial statement audit

Highlights

The major topics that will be covered in this course include:

• The importance of professional skepticism, especially when performing audit or other attest services
• Specific fraud responsibilities in a financial statement audit
• The varying levels of persuasiveness of evidence to support assurance conclusions or opinions