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Fraud Considerations for Auditors

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Learning objectives

By the end of this event the attendee should:

• Understand the implications of fraud on the auditor’s work;
• Understand the expectation gap that exists in practice;
• Understand ISA 240 in a nutshell plus its relationship to ISA 315 and ISA 330.
• Understand important fraud considerations:
  • Who has the primary responsibility for the prevention and detection of fraud? 
  • The importance of applying professional scepticism and exercising professional judgment;
  • The auditor's responsibilities to identify, assess and respond to the risks of material misstatement due to fraud;
  • The auditor's considerations to respond to identified risks of material misstatement due to fraud, when there is a fraud investigation in progress;
  • The use of forensic experts during fraud discussions, fraud inquiries and the execution of the audit, when specific factors are identified; and
• Get guidance and examples to assist in the application of auditing standards including practical tips and fraud interview techniques.

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Content

The webinar will cover the following topics:

• Introduction to fraud considerations.
  • The implications of fraud on the auditor’s work.
  • The expectation gap that exists in practice;
• ISA 240 in a nutshell.
  • How ISA 240 expands on the application of ISA 315 and ISA 330.
• Specific considerations:  
  • Primary responsibility for prevention and detection of fraud.
  • Professional scepticism:
    • Fostering professional scepticism.
    • 7 critical things that enhance professional scepticism abilities.
  • How to document professional judgment.
  • Identifying, assessing and responding to material misstatement risk due to fraud:
    • Examples of Fraud Risk factors.
    • Identification and assessment of risks.
    • Examples of fraud schemes in Revenue Recognition.
    • Considerations on the use of a forensic expert.
    • Responding to assessed risks.
    • Characteristics that may be indicative of fraudulent transactions. 
  • Auditor's considerations when there is a fraud investigation in progress.
  • Use of forensic experts when specific factors are identified.
  • Auditing standards application:
    • Guidance and examples.
    • Forensic interview techniques.
• The effect of fraud on the auditor’s report.