Surgent's Fraud Risk Assessment Basics

Overview

The financial statement auditor’s overall objectives are to obtain reasonable assurance as to whether the financial statements are materially misstated due to fraud or error and to issue a report that includes an opinion. As noted in the independent auditor’s report, the risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. This module will highlight the audit procedures required by professional standards to assess the risk of fraud and perform further procedures in response to fraud risk. (Please Note: This module is part of Surgent’s Audit Skills Training: Level 2.)

Highlights

•     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

Prerequisites

None

Designed For

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

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 fraud indicators
• Perform appropriate responses to identified fraud risk

Preparation

None

Notice

This on-demand webcast can be taken at any time of your choosing and is valid for one year from the date of purchase. No live instructor is present, and an exam is required to earn credit. You must score 70% or higher to earn the certificate.

How do I access my Self-Study Package?

Visit https://www.surgentcpe.com/login and enter your username (your LCPA email address) and password. If you do not remember your password, press the "Forgot?" button to receive a password reset email. Once logged in, the page will refresh to display your account menu on the left side.