Fraud Detection Brainstorming for the Auditor: Designing Fraud Protocols As Part of Audit Plan

Recording of a 110-minute CPE webinar with Q&A


Conducted on Tuesday, December 22, 2015

Recorded event now available

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Program Materials

This webinar will provide audit and assurance professionals with a thorough guide to the auditor’s duties to detect fraud and to identify potential weaknesses in a company’s internal controls that could lead to financial or other types of fraud. The panel will focus on best practices for designing a fraud brainstorming session as part of the audit plan, and identify risk exposures to detect indicators of the possible existence of fraud in a company's financial statements or internal controls.

Description

External auditors performing financial statement audits have a specific duty to identify potential weaknesses in a company’s internal controls that could give rise to accounting or other types of fraud. Auditors are tasked with putting together a fraud risk detection protocol as part of the audit plan prior to beginning the engagement. Failure to properly establish and document a protocol for considering the risk of fraud as part of an audit plan can lead to legal claims against the auditor.

SAS 99 sets requirements for auditors to consider fraud risks as a component of the audit process and details the information sources an auditor may and should consider in determining whether the risk of fraud is present in a company’s internal controls. A well designed fraud brainstorming session will identify the processes auditors should review to identify fraud risks, as well as the complexity of those processes. The fraud brainstorming session sets the tone for the effectiveness of the fraud detection protocols within an audit.

Listen as our panel of experienced audit advisors discusses what signs to look for in financial statements that signal potential fraud and outlines their experiences and best practices to uncover fraud and mitigate risk.

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Outline

  1. Identify the types, costs and red flags of common internal fraud schemes
  2. Recognize the auditor’s fraud-related responsibilities in audit engagements and avoid potential malpractice
  3. Designing a fraud brainstorming protocol as part of audit plan
  4. Assessing processes to review during audit

Benefits

The panel will explore these and other important topics:

  • What common, but sometimes overlooked, fraud schemes are seen in financial statements?
  • What key data points in financial statements can help indicate potential fraudulent activity?
  • What is the difference between accounting error and financial statement fraud—and how should auditors approach these situations?
  • How can audit professionals mitigate their own risk and exposure after identifying potential fraud in a financial statement?

Faculty

Dr. Fiona Chen
Dr. Fiona Chen

Founder and President
Fiona Chen Consulting

Dr. Chen is a forensic accountant and forensic auditor. She has over 30 years of experiences in financial data...  |  Read More

Jamal Ahmad, CPA, CFE, CFF
Jamal Ahmad, CPA, CFE, CFF

Managing Director
StoneTurn Group

Mr. Ahmad specializes in accounting and forensic investigations, and disputes related to complex financial issues, GAAP...  |  Read More

Roger Siefert
Roger Siefert

Principal
StoneTurn Group

Mr. Siefert has more than 30 years of experience in assisting clients and counsel with forensic accounting, business...  |  Read More

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