Self-Study
11
Intermediate
Auditing (Govmnt)
One or more years of government auditing experience.

Course Description

Auditing a government organization comes with specific issues and challenges. This course walks you through how to identify fraud in a governmental organization, implementing the appropriate auditing standards, and how audit against specific criteria. With her trademark keen analysis and down-to-earth humor, instructor Leita Hart-Fanta covers:

  • Designing audits to detect fraud relevant to audit objectives
  • Asking the right questions during an audit
  • How professional skepticism can improve audit planning and performance
  • Fraud risk, the fraud triangle, and the fraud tree
  • The major types of corruption
  • Fraud and technology (the Internet fraud tree)
  • Collecting evidence
  • Fraud prevention


Instructor

Leita Hart-Fanta, CPA, CGAP, CGFM

Leita Hart-Fanta, CPA, CGAP, CGFM, converts the complex topics of accounting, finance, auditing, and strategic planning into information that professionals can absorb and use. She’s the author of Accounting Demystified, 2nd Edition; The Four Principles of Happy Cash Flow; and STEP-by-STEP: Building a Persuasive Audit Report.

Leita is an experienced facilitator, having led over 1,200 full or multiday seminars. She has also keynoted numerous conferences and developed over 25 distinct CPE courses, including self-study courses for Western CPE. She was named an Outstanding Presenter by the Institute of Internal Auditors (IIA) in 2014.

Leita worked 5 years with the Texas State Auditor’s Office as both an auditor and a communications specialist. She has owned and operated AuditSkills, a training and professional development company, since 1995. Her clients include EDS, Dell Computer, First Data Corporation, Joseph Eves CPAs, the Texas State Auditor’s Office, among many others.

She’s a graduate of the University of Texas at Austin with a bachelor’s in business administration. Leita serves on the government conference planning committee of the Texas Society of CPAs (TSCPA) and is a member of the AICPA, TSCPA, IIA, and the Association of Government Accountants (AGA).



Course Specifics

Auditing (Govmnt)
Apr 18, 2017
One or more years of government auditing experience.
SS5176000
233
None


Compliance Information

103220
Qualifies for CA Fraud: No


Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Define fraud and identify the victims of fraud in government
  • Note the purpose and objective of government auditors, who they ultimately audit for, and the standards to which they must abide by
  • Recognize the difference between auditing for fraud in a government environment versus auditing for fraud in a commercial environment, noting applicable benefits to auditing in a governmental environment
  • Note the standards for materiality and accountability found in GAO's Yellow book as well as the AICPA standards

Chapter 2

  • Identify the body responsible for setting standards for performance audits and the organization associated with audits that is made up mostly of members with law enforcement experience
  • Name the two bodies that worked to develop SAS 99
  • Note the methods and process used by investigators to uncover a crime, citing the main issue an investigator might have with an auditor's approach to work
  • Recognize the responsibilities of an auditor with regards to uncovering fraud, noting which professional standards categorize audits as financial audits, performance audits, and attestation engagements

Chapter 3

  • Note the spectrum and criteria used for identifying bad behavior
  • Choose the category of bad behavior for actions based on a given set of facts
  • Identify how a financial statement auditor is likely to act given a specific circumstance

Chapter 4

  • Note the meaning of 'design your audit to detect' in terms of an auditor's responsibilities
  • Identify the step-by-step procedures for designing an audit to detect fraud under AU-C Section 240, noting the order of the steps as well as which step is optional under GAO performance audit standards
  • Specify an auditor's professional responsibility for reporting reportable conditions

Chapter 5

  • Note the interview questions that are required to be asked of management, the audit committee, the internal audit director and other involved parties to unveil fraudulent activity under AU-C Section 240 as well as additional questions that an auditor may want to ask during an interview
  • Cite the best way to illicit questions from and equalize status with an interviewee during a session
  • Identify ways to make a fraud interview go more smoothly, noting the proper way to end an interview
  • Note tips to keep a client comfortable during an audit interview

Chapter 6

  • Identify the two levels of professional skepticism, noting their characteristics and practical application
  • Choose a specific type of error made in an argument based on given information
  • Specify a statement that best summarizes the concept of professional skepticism

Chapter 7

  • Recognize the components of the fraud triangle, citing the element of the fraud triangle at work in a given situation
  • Identify the facets of the fraud triangle that can be used as tools to help an auditor think like a thief
  • Note the incentives to commit fraud and reasons why management might be concerned with internal controls

Chapter 8

  • List the three main branches of the fraud tree
  • Identify a specific type of bad behavior using the fraud tree

Chapter 9

  • Identify the four major types of corruption, noting subcategories and their distinguishing characteristics
  • Cite why sending a gift to a government agency may upset them, given facts and circumstances
  • Choose the specific type of corruption or scheme being displayed given certain information

Chapter 10

  • Identify the two types of cash misappropriation, noting the various ways that these misappropriations can occur
  • Specify the kind of misappropriation being perpetrated given a set of information
  • Choose the type of skimming or other scheme being perpetrated given a set of information

Chapter 11

  • Identify the types of fraudulent disbursements that can occur, noting characteristics and examples of each
  • Identify the type of fraudulent disbursement scheme being perpetrated given a set of facts
  • Specify a type of fraud that could happen in a given situation

Chapter 12

  • Identify the types of non-cash asset misappropriations than can occur
  • Specify the asset misappropriation fraud being committed based on given information

Chapter 13

  • Note the types of asset/revenue overstatements and understatements that can occur
  • Identify the type of financial statement fraud being perpetrated based on given information
  • Name a type of financial statement fraud an organization may be vulnerable to in a given situation

Chapter 14

  • Recognize the ways nonfinancial information can be altered or presented
  • Name the type of nonfinancial statement fraud occurring in a specific situation

Chapter 15

  • Recognize key types of cyber fraud listed in the Internet fraud tree, the subcategories of fraud associated with these key types, and the characteristics of each type of internet fraud
  • Identify a type of Internet fraud based on given information
  • Name a fraudulent occupation being described based on facts and circumstances
  • Identify the scam where a virus remembers keystrokes to obtain financial information

Chapter 16

  • Identify the type of fraud risk and categorize the fraud using the fraud tree
  • Cite why an auditor might not investigate an area where fraud could occur
  • Name the tool an auditor might use to narrow down risks to those that are most important

Chapter 17

  • Recognize the types of evidence that should be collected in order to address risk, noting tips and guidance contained in the GAO's Financial Audit Manual (FAM)
  • Name a type of evidence gathered based on given information

Chapter 18

  • Identify the various ways to counteract fraud
  • Identify controls that can be implemented to reduce the risk of fraudulent activity
  • Cite a control that is present in a given situation and specify a likely control action to be taken given a set of facts
  • Identify an auditor's likely findings in a scenario
  • Specify the primary goal of reconciliation



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