It's critical that auditors familiarize themselves with current procedural, performance, and documentation standards related to fraud. However, awareness of fraud is not just for auditors anymore. For the first time, fraud is defined in SSARS No. 21 as it pertains to review engagements, meaning that financial professionals must be equipped with skills to respond to fraud. This course will provide an overview of fraud risk assessment required by current professional standards and an in-depth review of the specific fraud-related requirements, including changes resulting from recent audit and review standards. Other topics covered include how to identify potential problem areas, develop a prevention plan, and use the necessary tools and techniques needed to minimize the loss of any client-initiated legal claims. You will learn effective loss-prevention strategies based on scenarios and actual war stories. Maximize your value to your client by preparing yourself to detect, prevent, and respond to fraud.
Upon successful completion of this course, participants will be able to:
- Detail the evolution of the risk-assessment suite of standards.
- Identify fundamental concepts necessary to implement risk-assessment procedures.
- Compare requirements of current standards with those recently issued as clarity standards.
- Recognize the audit-risk model.
- Recognize how the current standard evolved.
- Identify the standard’s provisions and their implication on current practice.
- Apply practical implementation guidance for application in audits using GAAS.
- Recognize changes resulting from the Clarity Project.
- Determine the nature of the current audit practice environment.
- Recognize the fraud risk exposures of the nonaudit practitioner.
- Identify the current perception of the CPA by the general public that has resulted in the “expectation gap.”
- Recognize the evolution of current standards as they relate to risk assumed by the auditor.
- Recognize various types of fraud schemes for both misappropriations of assets and fraudulent financial reporting.
- Identify various symptoms (red flags) related to each of the common schemes presented.
- Identify primary fraud risk exposures that practitioners face in a nonaudit practice.
- Determine the key areas that are the primary cause of this fraud risk exposure.
- Apply proactive strategies that, if implemented, can assist in mitigating this risk.
- Compare various practice aids to assist in implementing these strategies.
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