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Monday, November 8, 2021 Live Webcast

Assessing the Risk of Fraud In a Financial Statement Audit (E2111183)

9:00 AM - 4:30 PM EST

Registration: 8:30 AM EST

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

Hunter Cook

Hunter Cook, CPA

Hunter is a retired Dixon Hughes Goodman LLP partner. For his last three years at DHG, he was part of the firm's Professional Standards Group and a member of the AICPA's Auditing Standards Board. Prior to joining DHG, Hunter taught accounting and auditing at Wake Forest University for one year. Following his graduation from Newberry College with a Bachelor of Science in accounting, he worked as an auditor with Ernst & Young in various capacities, including partner. Hunter is a past chair of NCACPA and past President of the NC State Board of CPA Examiners. He is currently a member of the NASBA Ethics Committee and the AACSB Accounting Accreditation Policy Committee. Hunter leads CPE programs covering professional ethics in North Carolina and courses covering technical material across the country. He is also a contributing author to PPC’s Guide to Preparing Financial Statements. Hunter is a CPA in North Carolina and South Carolina.

PRICING

$289.00 - Member

$439.00 - Nonmember

Event Cancelled

This event has been cancelled.

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COURSE DEVELOPER

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