Considerations of Fraud

Overview

This course provides an in-depth exploration of AU-C 240, Consideration of Fraud in a Financial Statements Audit. Participants will gain practical insights into identifying, assessing, and responding to fraud risks within the context of financial statement audits. Through engaging lectures, real-world examples, and case studies, the course examines the nature and characteristics of fraud, including fraudulent financial reporting and misappropriation of assets. It also delves into the auditor's responsibilities under AU-C 240 for planning and performing audits with fraud considerations, techniques for identifying fraud risk factors and assessing risks of material misstatement, and methods for designing and implementing effective audit procedures. Additionally, participants will explore best practices for communicating and documenting findings related to potential or identified fraud. Ideal for auditors at all experience levels, this course equips attendees with the knowledge and tools necessary to navigate fraud-related complexities and maintain audit integrity.

Objectives

• Identify the components of the fraud triangle and their role in financial fraud
• Recall AU-C 240 requirements for addressing fraud risks in audits
• Recognize red flags and patterns of fraud
• Recall audit techniques to address identified fraud risks effectively
• Recognize best practices for documenting, communicating, and escalating fraud findings.

Highlights

• AU-C 240
• Auditing
• Yellowbook