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Auditing For Fraud: What You Need to Know (MLAN71H)

  Pre Recorded Webinar
  60 minutes
  
Multiple Participants?
Call 1-800-223-8720
for a group pricing

How to Curb and Minimize the Risks of Fraud Through External Audits

As reported by the Association of Certified Fraud Examiners 2016 Report to the Nations on Occupational Fraud and Abuse, organizations lose an average of 5% of their revenues to fraud. Yet, the report disclosed that only 3.8% of all frauds are detected by an external auditor. However, the thing that management depends on to detect fraud is the external audit itself. Both generally accepted auditing standards (GAAS), and generally accepted government auditing standards (GAGAS), require that the auditor assess the risk of material misstatement due to fraud, and if material risk(s) exists, the auditor must design specific audit procedures to determine if a material fraud has occurred.  Therefore it does not matter what type of audit is being performed by a CPA; they must audit for fraud.

Only a short time ago it was discovered that Rita Crundwell, former Comptroller of Dixon, IL, stole $53,000,000 over a 19 year period.  During that period of time, the city was audited annually by three different public accounting firms who each issued unqualified opinions of the city's financial statements. As a result of each firm's failure to comply with their own professional audit standards, neither of the firms ever detected the fraud although several common indicators of fraud were present. If either firm had performed one certain audit procedure, each of them would have discovered the fraud, but neither firm did.

Join this session with audit consultant Dennis Dycus where he will discuss a recent fraud example and its fatal flaw which went undetected over a period spanning over several years. Dennis will also talk about other common failures of external auditors in detecting frauds and how such instances can be curbed or minimized in the future. In order to detect fraud, an auditor has to know what the fraud looks like; be able to think like a thief; maintain a healthy professional skepticism at all times; be able to recognize the risk of fraud; and build the audit program to look for fraud. This session will address each of these areas as well as many others. Chances are that after this session, you will never look at an audit the same way you do right now!

Session Highlights

By attending this session you will be able to:

Session Agenda

This session will help you understand:

NASBA Category of Study: Accounting

Level: Basic

Who Should Attend

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*Single User Price. For multiple users please call 1-800-223-8720
Presenter

Dennis F. Dycus, CPA, CFE, CGFM is a trainer, consultant and public speaker.

For the last several years he has developed and/or conducted training programs in all fifty states, Puerto Rico, Guam, Mexico, Canada and Europe, for organizations such as the Association of Certified Fraud Examin... More info

 


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