Memphis Account Fest: Evaluating Fraud Risk in a Financial Statement Audit
377 | Course | Basic | Scheduled
Description
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 auditor's 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 mid-size entities along with internal controls that could be implemented to help prevent and detect them. This course features case studies.
Credits
| Number of Credits | Type of Credits |
|---|---|
| 4.00 | Auditing |
Designed For
CPAs in either public or private practice with accounting, financial reporting or attest responsibilities
Highlights
- Fraud landscape in the United States
- Fraud risk procedures as updated by recently issued standards
- Most likely fraud types found in small- to mid-size entities
- Internal controls to prevent and detect fraud
- What to do when fraud or suspected fraud is identified
- Case studies based on recent frauds
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-size companies and develop internal controls to be responsive to those risks
- Evaluate fraud case examples and identify how fraud occurred and how it could have been prevented or detected
Prices
- Member (Early Bird)
- $169.00
- Non-Member (Early Bird)
- $219.00
- Member
- $219.00
- Non-Member
- $269.00
Instructors
Robert W. Wells, CPA, CFE
Robert "Wayne" Wells has 51 years of experience in public accounting and annually instructs numerous continuing education seminars and in-firm training classes for continuing education providers in the areas of accounting, auditing, fraud, and taxation.
Wells began his career in public accounting in 1970 with the national firm of what was then Touché, Ross & Co. in Nashville, Tennessee. In 1974, he joined a local firm in Nashville and provides accounting, auditing, fraud investigations, and tax services to small- and medium-sized businesses as well as extensive tax services to individuals.
Wells graduated from Austin Peay State University in Clarksville, Tennessee in 1970 with a Bachelor of Science degree in accounting and economics. He holds a certified public accountant certificate in Tennessee, and is also a Certified Fraud Examiner. He is a member of the Tennessee Society of Certified Public Accountants, the Association of Certified Fraud Examiners, and the American Institute of Certified Public Accountants. He is a recipient of the Outstanding Discussion Leader Award presented by the Tennessee Society of Certified Public Accountants, the Outstanding Discussion Leader Award presented by the AICPA, and an Outstanding Discussion Leader Award presented by Surgent..
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