This course covers Auditing Standard: ISA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report.
There is a significant difference between making an ‘error’ or honest mistake and committing ‘fraud’ - an act of deception intended to achieve financial gain.
Description
This course covers Auditing Standard: ISA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of a Financial Report.
Part of an auditor’s responsibility is to consider the risks of material misstatement due to both fraud and error.
Actually addressing fraud risks and documenting processes and findings on an audit file can be a significant challenge. As a result, audit procedures and documentation can sometimes focus on detecting material errors in the financial report and neglect the risks of fraud.
In this course you will cover an overview of an auditor’s responsibilities relating to fraud throughout the different stages of an audit.
This one hour online course forms part of the FastClass short course suite.
Learning objectives
- Outline the auditor’s responsibilities with respect to the risks of material misstatement due to fraud.
- Describe ‘professional scepticism’ and how to document this appropriately.
- Outline the factors that affect fraud risk assessments.
- Determine the appropriate audit procedures relating to fraud and the appropriate documentation of these procedures.
- Determine the appropriate audit conclusions and the reporting requirements when the auditor is unable to continue an engagement due to fraud.
Audience
This course is designed for public practitioners and auditors working in SMEs who audit small businesses and not for profit entities.