Event Description

The financial statement auditor’s overall responsibility is to obtain sufficient appropriate audit evidence to provide reasonable assurance as to whether the financial statements are materially misstated due to fraud or error. The difficulty is that there are inherent limitations related to detecting fraud due to deliberate schemes to conceal the intent to deceive, such as collusion. This module will highlight the audit procedures most effective in identifying, assessing and responding to fraud risk.

Objectives

• Explain the various types of fraud relevant to a financial statement audit
• Recall the symptoms of fraud and how to identify risk of material misstatement due to fraud
• List appropriate responses to identified fraud risk
• Recognize the requirements related to fraud and noncompliance in various generally accepted auditing standards