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Thursday, June 10, 2021 Live Webcast

Evaluating Fraud Risk in a Financial Statement Audit (E2106162)

1:00 PM - 4:30 PM EDT

Registration: 12:30 PM EDT

webcast

Vendor Platform

4.0 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. 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 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 mid-size entities
  • Internal controls to prevent and detect fraud
  • What to do when fraud or suspected fraud is identified
  • Case studies based on recent frauds

COURSE LEVEL

Basic

PREREQUISITES

None

ADVANCE PREPARATION

None

INSTRUCTOR

Michael Morgan

Michael J. Morgan, CPA

Michael J. Morgan is President of Langford Educational Enterprises, Inc., a consulting firm specializing in international auditing and taxation located in Griffin, Georgia. An accomplished author and instructor with over 35 years of experience in public speaking, Morgan has traveled internationally, writing manuals, and conducting seminars on accounting- and auditing-related topics for former communist countries. He is the recipient of several “Outstanding Discussion Leader” awards from the New York, Illinois, Nevada, and Virginia Society of CPAs on the topics of accounting and auditing, staff training, governmental, and not-for-profit entities. For several semesters, he was an accounting instructor in the School of Business at Old Dominion University located in Norfolk, Virginia. In 2015 and 2016, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills. Morgan currently practices in the greater Atlanta, Georgia, area. Morgan is licensed as a Certified Public Accountant in Georgia, Virginia, and New York. He is a past member of the Virginia Society of CPAs. He is a member of the Georgia Society of CPAs and the Association of Certified Fraud Examiners.

PRICING

$189.00 - Member

$264.00 - Nonmember

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Note: Online pre-registration will close on June 10 at 12:30 PM.

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COURSE DEVELOPER

Surgent