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Course Details

Auditing for Fraud (Course Id 1883)

Updated / QAS / Registry
This is a Course Preview, to take the course please select or purchase the course and click one of the Take Course icons on your My Courses page.

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Author : Colten Christensen, Author
Course Length : Pages: 43 ||| Word Count: 14,468 ||| Review Questions: 6 ||| Final Exam Questions: 10
CPE Credits : 2.0
IRS Credits : 0
Price : $17.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry
Technical Designation: Technical
Primary Subject-Field Of Study:

Auditing - Auditing for Course Id 1883

Description :

In every audit, the auditor is required to specifically assess the risk of material misstatement of the financial statements due to fraud. Auditing for Fraud is a course that examines the types of fraud considered by auditors when auditing financial statements: fraudulent financial reporting and misappropriations of assets.

This course describes the way auditors gather information to assess fraud risk in every audit and develop appropriate responses to identified fraud risks, after considering the effectiveness of management's antifraud programs and controls. This course focuses on the typical fraud techniques and highlights areas that are subject to greater risk of fraud. Once the auditor suspects fraud, it is their responsibility to gather additional evidence, often through inquiry. This course also describes the auditor’s responsible for making certain communications about suspected or detected fraud to senior management and the audit committee.

Usage Rank : 77500
Release : 2022
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 19-Feb-2024
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - NASBA Registry - 1883

Keywords : Auditing, Fraud, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

At the end of this course, students will be able to:
  • Identify the three types of fraud.
  • Identify the SAS that provides guidance to auditors in assessing the risk of fraud
  • Recognize the three elements identified by the AICPA to prevent, deter, and detect fraud.
  • Recognize who is responsible for identifying and measuring fraud risks and taking steps to mitigate identified risks.
  • Identify the procedures to address the risk of management overriding internal controls that are otherwise operating effectively.
  • Recognize the characteristics of different types of fraud.
Course Contents :

Chapter 1 - Auditing for Fraud

Course Learning Objectives

Introduction to Fraud

Definition of Fraud

Financial Fraud

Fraudulent Reporting

Asset Misappropriation

Misappropriation Schemes

Fraud Conditions

Risk Factors for Financial Fraud

Financial Fraud Incentives and Pressures

Financial Fraud Opportunities

Fraud Scheme Durations

Attitudes for Fraud

Risks for Misappropriation of Assets

Misappropriation Incentives and Pressures

Misappropriation Opportunities

Misappropriation Attitudes

Fraud Risk Assessment

Applying Skepticism

Question Everything

Audit Evidence Evaluation

Assessing Fraud Risks

Audit Team Communication

Management Examinations

Risk Factors Leading to Fraud Perpetuation

Analytical Procedures to Identify Unusual Events

Considering All Evidence

Assessing Fraud Documentation

Organizations at Risk for Fraud

Fraud Reported by the Government

Size of Organization

Varying Organizational Industries

Reducing Fraud Risks

Practicing Honesty

Top-Down Management

Establishing Positivity

Employee Placement

Employee Training

Employee Confirmation

Employee Discipline

Fraud Risk Evaluation

Fraud Risk Mitigation

Continual Fraud Prevention Programming

Directing Anti-Fraud Efforts

Responsibilities of the Audit Committee

Fraud Risk Responses

Changing the Audit

Applying Audit Procedures

Management Overriding

Possible Misstatement Within Journal Entries

Possible Biases

Significant Unusual Transactions

Keep Updating the Assessment Process

Areas of Fraud Risk

Revenue and Manipulation

Revenue Risk

Creating Fictitious Revenues

Recognizing Revenue Prematurely

Manipulating Revenue Adjustments

Revenue Fraud Symptoms

Analytical Procedures as a Symptom

Inconsistencies in Documentation

Revenue Receipts

Sales Not Recorded

Cash Receipts Theft

Revenue and Cash Receipts Misappropriation

Fraud Risk Inventory

Fraudulent Financial Reporting and Associated Inventory Risks

Inventory Fraud Warning Signs

Fraud Risks with Accounts Payable

Accounts Payable and Fraudulent Financial Reporting Risk

Payment Cycle Misappropriations

Other Areas Susceptible to Manipulation

Risks with Fixed Assets

Risks with Payroll Expenses

How Fraud is Initially Suspected

Fraud Detection

Discovery of Fraud

Most Detection Comes from Tips

More Effective Fraud Detection

Fraud Reporting Mechanisms

How Whistleblowers may Report

Responding Misstatements

Inquiry as an Evidence Gathering Technique

The Varying Types of Inquiry

Inquiry Responses Evaluation

The Auditor as an Effective Listener

Behavioral Cues Observation

Additional Evidence Needed for Suspected Fraud

Audit Software

Expanding Substantive Procedures

Considering Other Implications


Fraud CPE Courses: https://www.cpethink.com/fraud-cpa-courses
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