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Fraud Detection in a GAAS Audit - Audit Staff Essentials, Level I

Author/Moderator: Joanne Flood, CPA-MBA
Publisher: AICPA
Availability: Online Access
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In a GAAS audit you must provide reasonable assurance that the financial statements are free of material misstatement, including material misstatements caused by fraud. You are not responsible for detecting all fraud. Rather you are responsible for detecting material misstatements caused by the fraud. With this course, you will be more prepared to detect those material misstatements. You will have a good understanding of the characteristics of fraud, the fraud triangle, and the misappropriation of assets versus fraudulent financial reporting.

Through interactive exercises, case studies, and dramatic videos of client interviews and brainstorming sessions, you will be able to fulfill your professional requirements. At the end of the course, you will know which questions to ask: Which elements of the fraud risk triangle are present at your client? For example, how would an employee be motivated or provided with an opportunity to commit fraud? What steps can you take to be a valuable contributor to the next audit team brainstorming session you participate in? Which audit procedures that you typically perform would be effective at detecting fraud? While performing these procedures and evaluating results, has it ever occurred to you that a fraud could be occurring in the area you are auditing?

Topics Discussed

  • Definition of fraud and examples
  • Causes and motivations for fraud
  • Auditing framework for detecting fraud related material misstatements
  • Procedures for detecting fraud

Learning Objectives

  • Recognize your responsibilities for detecting fraud in a GAAS audit
  • Describe an overall framework for detecting material financial misstatements caused by fraud
  • Participate effectively in an engagement team fraud brainstorming meeting
  • Use the fraud triangle to identify possible fraud risks
  • Link audit tests to identified fraud risks

Prerequisite: 0-6 months experience

Advanced Preparation:  None

NASBA Field of Study: Auditing
Level: Basic
Recommended CPE Credit: 3
Fraud Detection in a GAAS Audit - Audit Staff Essentials, Level I
Individual CPE
CPE On-Demand
Product# 150034
Availability: Online Access 1 Year
For registered users only
AICPA Member:$99.00
Your Price:$125.00
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