Evaluating Fraud Risk in a Financial Statement Audit Webcast [ARF4]
Time: 09:00am-1:00pm
Subject:
AuditingCredit Hours:
4.00Price:
Member: $150.00
Non-member: $215.00
Discussion Leader:
Kenneth L. Levine
more info
Ken spent his 40+-year career in public accounting, including the last five years as an Assurance Partner with BDO USA, LLP, following the merger of SS&G, Inc., a large regional firm, with BDO in 2015. Prior to joining SS&G, Inc. in 2001, Ken was a partner with a large local firm and a Senior Manager with Ernst & Young. Ken’s experience includes providing assurance, tax, and business consulting services to privately owned businesses. His industry experience includes manufacturing and distribution; technology-based businesses; service businesses; private equity and venture capital funds; and audits of employee benefit plans, including plans requiring SEC Form 11-K filings. Ken is a magna cum laude graduate of Miami (Ohio) University with a BS in Business and a major in Accountancy. Ken passed the May 1978 CPA exam with the highest score in the State of Ohio and one of the top 50 scores in the United States. Ken is also a board member and treasurer of several not-for-profit organizations.
closeWebsite registration for this course closes on November 14, 2023. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.
Full Description
Evaluating Fraud Risk in a Financial Statement Audit Webcast (ARF4)November 15th, 2023 / 9:00 am 1:00 pm Alaska Time
Live Webcast / Washington Society of CPAs Virtual Classroom
The Association of Certified Fraud Examiners says that there is fraud lurking in all businesses, including not-for-profit organizations. It often goes undetected for years and when uncovered, management and the board may question why the auditor did not identify it. The auditors responsibility in a financial statement audit is to assess risk and perform sufficient procedures to obtain reasonable assurance that the financial statements are free from material misstatement due to fraud or error. However, failure to perform an adequate fraud risk assessment and report deficiencies in internal control, such as lack of segregation of duties, can leave a firm vulnerable. This course will discuss the audit procedures that should be performed in accordance with AU-C 240 as recently amended, best practices in performing fraud risk assessment procedures, when and how to report control deficiencies noted in an audit, and the most frequent types of fraud found in small to midsize entities along with internal controls that could be implemented to help prevent and detect them. This course features case studies.
Major Topics:
- The fraud landscape in the United States
- Fraud risk procedures as updated by recently issued standards
- Most likely fraud types found in small to mid-sized entities
- Internal controls to prevent and detect fraud
- What to do when fraud is identified or suspected
- Case studies based on recent frauds
Learning Objectives:
- Understand the drivers of fraud risk in a financial statement audit
- Conduct procedures required by professional literature to assess the risk of fraud
- Develop discussion points to review with management and those charged with governance
- Identify the main types of fraud that occur in small to mid-sized companies and develop internal controls responsive to those risks
-Evaluate fraud case examples and identify how fraud occurred and how it could have been prevented or detected
Designed For: CPAs in either public or private practice with accounting, financial reporting, or attest responsibilities
CPE Credits: 4, Auditing
Level of Knowledge: Basic
Prerequisite: None
Acronym: ARF4
Discussion Leader: Ken Levine
