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With mass layoffs, going concern issues and internal control deficiencies, the incentive and opportunity to commit fraud is present in many entities. During this webcast, you’ll learn: Management’s responsibilities relative to fraud prevention and detection; The auditor’s responsibilities and planning considerations around fraud during their financial statement engagement; The auditor’s responsibilities when responding to fraud risks and what to do if fraud is detected; Fraud risks factors that are heightened and other audit areas to focus on as a result of the pandemic.
•Identify areas of heightened fraud risk in the business environment impacted by the pandemic •Identify common challenges auditors encounter with respect to AU-C Section 240, Consideration of Fraud in a Financial Statement Audit • Determine audit planning considerations in accordance with AU-C Section 240 •Identify the auditor’s responsibilities and procedures when responding to fraud risks •Identify procedures to address possible instances of fraud
*Background, purpose and main provisions of the fraud risk standard *Common auditor missteps when applying AU-C Section 240 *Auditors’ responsibilities relative to identifying and responding to fraud risks *Maintaining professional skepticism *Potential fraud risks factors present as a result of the pandemic *Procedures to respond to fraud risks *Responsibilities when addressing possible instances of fraud
Auditors of private companies, accountants and finance professionals
Experience performing audit engagements
None
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