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Wednesday, October 20, 2021 Live Webcast

Assessing the Risk of Fraud In a Financial Statement Audit (X1-ARF8-2021-01-WEBNR-293-01)

9:00 AM - 5:00 PM EDT
webcast

Vendor Platform

8.0 CPE Credits in AA

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

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 mid-size 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

  • 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

Margaret Thomas

Margaret Shaw Thomas, CPA, CGMA, MHA

Marci Thomas, MHA, CPA, CGMA, licensed as a CPA in Georgia and North Carolina, is an author and nationally recognized speaker on various accounting and auditing topics to companies, nonprofits, CPA firms, and state societies of CPAs around the country. A frequent speaker at local, regional, and national conferences, she also writes and teaches courses in governance, financial management, grants accounting, strategy, and various operational topics. Marci is a clinical assistant professor in the School of Public Health at the University of North Carolina at Chapel Hill. She works with numerous accounting firms, performing quality control and efficiency reviews; and with boards on strategic planning, internal control, and governance issues. Marci serves on the Not-for-Profit Committee for the North Carolina Association of CPAs. Marci has written and co-written several books, including Essentials of Physician Practice Management, published by Jossey Bass in 2004. Her book Best of Boards: Sound Governance and Leadership for Nonprofit Organizations was published by the AICPA and Wiley Publishing in 2018 and is on its second printing. Her book on health care financial management was published by Wiley Publishing in 2014, with a new edition expected in 2020. Marci received her Bachelor in Business Administration with a concentration in accounting from the Georgia State University and her Masters in Health Administration from the University of North Carolina at Chapel Hill.

PRICING

$259.00 - Member

$279.00 - Nonmember

Pre-Registration Closed

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COURSE DEVELOPER

Surgent