The financial statement auditor’s overall responsibility is to obtain sufficient appropriate audit evidence to provide reasonable assurance as to whether the financial statements are materially misstated due to fraud or error. The difficulty is that there are inherent limitations related to detecting fraud due to deliberate schemes to conceal the intent to deceive, such as collusion. This module will highlight the audit procedures most effective in identifying, assessing, and responding to fraud risk.
Major Topics:
- Explain the expectation gap with financial statement users regarding the auditor’s responsibilities for preventing and detecting fraud
- Fraud inquiries and engagement team discussion points
- Identifying and responding to fraud risk on an audit
- Testing journal entries and other tests for management override
- Required fraud and non-compliance communications by various auditing, including communications required by Government
- Auditing Standards, PCAOB Audit Standards, and International Standards on Auditing
Learning Objectives
- Explore and explain the various types of fraud relevant to a financial statement audit.
- Discover and describe the symptoms of fraud and how to identify risk of material misstatement due to fraud.
- Recognize and explain appropriate responses to identified fraud risk.
- Identify and discuss the requirements related to fraud and noncompliance in various generally accepted auditing standards.
Included In Certifications
This course is included in the following Certification Programs:
13 CoursesAudit Training Certification - Level 2 - Experienced Staff
- Fraud Risk - Complying with Minimum Audit Requirements
- Best Practices for Identifying and Evaluating Audit Risk - Linking Risk to the Detailed Audit Plan
- Testing Internal Controls - Exploring Strategies for Verifying Operating Effectiveness
- Inquiry and Research - Improving Critical Audit Skills
- Auditing Investments - Understanding Risks and Procedures for the Most Common Investments
- Auditing Accounts Receivable - Focusing Procedures for Testing Existence and Valuation
- Auditing Liabilities, Including Long-Term Debt - Addressing the Risks of Completeness, Classification, and Disclosure
- Substantive Analytic Procedures - Strengthening Evidence to Satisfy Audit Objectives
- Sampling - Avoiding Common Mistakes on Financial Statement and Compliance Audits
- Desired Traits of a Star Performer - Visualizing How to Become an Exceptional Staff Auditor
- Professional Requirements for Assurance Providers, Including Independence - Understanding Critical Code of Professional Conduct Concepts
- Accounting Update - Hot Topics for Preparing Current Period Financial Statements
- Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services
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Prerequisites
No advanced preparation or prerequisites are required for this course.
Designed For: Accountants who have responsibility for identifying, assessing, and responding to fraud risk on a financial statement audit.