Overview:
With mass layoffs, going concern issues and internal control deficiencies, the incentive and opportunity to commit fraud is present in many entities. Learn about management and auditor responsibilities with fraud risk detection and prevention.
DESIGNED FOR
Auditors of private companies, accountants and finance professionals
BENEFITS
- Identify areas of heightened fraud risk in the business environment impacted by the pandemic
- Identify common challenges auditors encounter with respect to AU-C Section 240, Consideration of Fraud in a Financial Statement Audit
- Determine audit planning considerations in accordance with AU-C Section 240
- Identify the auditor’s responsibilities and procedures when responding to fraud risks
- Identify procedures to address possible instances of fraud
HIGHLIGHTS
- Background, purpose and main provisions of the fraud risk standard
- Common auditor missteps when applying AU-C Section 240
- Auditors’ responsibilities relative to identifying and responding to fraud risks
- Maintaining professional skepticism
- Potential fraud risks factors present as a result of the pandemic
- Procedures to respond to fraud risks
- Responsibilities when addressing possible instances of fraud
COURSE LEVEL
Intermediate
PREREQUISITES
Experience performing audit engagements