Surgent's Assessing Fraud Risk in a Financial Statement Audit (AST Lev3)

 

   

 

 
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Overview

3.0 Credits

The financial statement auditor's overall responsibility is to obtain sufficient appropriate audit evidence to obtain 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.

Objectives

  • Explain the various types of fraud relevant to a financial statement audit
  • Discuss the requirements related to fraud in generally accepted auditing standards
  • Describe the symptoms of fraud and how to identify risk of material misstatement due to fraud
  • Explain appropriate responses to identified 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
  • Fraud communications

Designed For

Accountants who have responsibility for identifying, assessing and responding to fraud risk on a financial statement audit.

Prerequisite

Accountants who have responsibility for identifying, assessing and responding to fraud risk on a financial statement audit.
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