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Tuesday, December 10, 2024 Live Webcast

Assessing the Risk of Fraud in a Financial Statement Audit (E2412183)

9:00 AM - 4:30 PM EST

Registration: 8:30 AM EST

webcast

Vendor Platform

8 CPE Credits in MT

OVERVIEW

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 an 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 a lack of segregation of duties, can leave a firm vulnerable. This course will discuss the audit procedures that should be performed in accordance with AU-C §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-sized entities along with internal controls that could be implemented to help prevent and detect them. We will look at various cyber fraud schemes and how they might be prevented or detected, the use of analytics as fraud risk procedures, and assessments of fraud risk in a Single Audit. This course features case studies.

This course features a live instructor and has been specifically designed for the NJCPA.

DESIGNED FOR

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

BENEFITS

  • 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 midsize 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

  • The 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

COURSE LEVEL

Basic

PREREQUISITES

None

ADVANCE PREPARATION

None

INSTRUCTOR

R. Wayne Wells

R. Wayne Wells, CPA, CFE

AICPA/Professional Development Institute

Robert “Wayne” Wells has 53 years of experience in public accounting and annually instructs numerous virtual continuing education seminars and in-firm training classes for continuing education providers in the areas of accounting, auditing, fraud, and taxation. Wells began his career in public accounting in 1970 with the national firm of what was then Touché, Ross & Co. in Nashville, Tennessee. In 1974, he joined a local firm in Nashville and provides accounting, auditing, fraud investigation, and tax services to small- and medium-sized businesses, as well as extensive tax services to individuals. Wells graduated from Austin Peay State University in Clarksville, Tennessee, in 1970 with a Bachelor of Science degree in accounting and economics. He holds a certified public accountant certificate in Tennessee and is also a Certified Fraud Examiner. He is a member of the Tennessee Society of Certified Public Accountants, the Association of Certified Fraud Examiners, and the American Institute of Certified Public Accountants. He is a recipient of the Outstanding Discussion Leader Award presented by the Tennessee Society of Certified Public Accountants, the Outstanding Discussion Leader Award presented by the AICPA, and the Outstanding Discussion Leader Award presented by Surgent.

PRICING

$299.00 - Member

$449.00 - Nonmember

Register Today


Note: Online pre-registration will close on December 10 at 8:30 AM.

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COURSE DEVELOPER

Surgent