Fraud: Essential Audit Tools and Techniques | FRAUD4OD16

Product Code :
FRAUD4OD16
Format :
On-demand
Level :
Basic
Designed For :
Individuals responsible for planning or conducting audit engagements, and practitioners and those in industry desiring to understand current fraud related audit requirements.
Field of Interest :
Auditing
Prerequisite :
None
Credits :
4.00 CPE
Description :
When an audit is performed in accordance with generally accepted auditing standards, a high level of assurance is provided that the financial statements are free of material misstatement caused by fraud or error. Fraud is pervasive, however, and it's critical that auditors familiarize themselves with current procedural, performance and documentation standards related to fraud—and be prepared to respond appropriately when fraud is uncovered. This course will provide an overview of the general concepts of risk assessment required by professional standards. In addition, it will include an in-depth review of the specific, fraud-related requirements, including changes resulting from the AICPA Audit Standards Board's Clarity Standards. The webcast was originally broadcast on August 23, 2016. Note: There is a minimum passing rate of 70% for this course.
Objectives :
  • Determine and implement concepts embodied in the AICPA audit risk assessment model as it pertains to fraud.
  • Identify how the Clarity Standards have confirmed integration of fraud into the risk assessment requirements.
  • Recognize the concept of the fraud triangle.
  • Identify differences between the auditor's required response for material versus immaterial fraud risks.
  • Identify risks of material misstatement due to fraud, and select appropriate or required further audit procedures.
Major Topics :
  • Audit risk assessment model.
  • Assessing and responding to the risk of material misstatement resulting from fraud.
  • Fraud is found: Now what?
  • Internal controls design, specifically as it relates to fraud prevention and detection.
  • Documentation methods related to fraud risk assessments and corresponding responses.
Advanced Prep :
None
About the Author :
Noce Thomas E - <p>Tom Noce is a graduate of Rutgers University with a degree in accounting. Noce began his career with a large local accounting firm in New Jersey, where he concentrated in auditing and accounting for non-profit organizations and government related agencies. In 1985, he joined a Palm Springs firm where he was a shareholder from 1995 to 2003. In 2003, Noce opened his own practice in Palm Springs. His professional experience includes a variety of clients, including tribal entities, hotels, real estate, construction, homeowners’ associations, country clubs, non-profit organizations and others. His current practice emphasis focuses on tax and accounting issues related primarily to the real estate and hospitality industries. He also performs special engagements dealing with internal controls and fraud prevention and detection. Noce has authored and taught a number of courses for the CalCPA Education Foundation and chaired its first two fraud conferences as well as two audit and accounting conferences. In 2004 and 2010 he received the Foundation’s Award for Instructor Excellence. Currently, Noce presents six courses for the Foundation in the areas of fraud, audit and accounting standards and risk-based auditing.</p>