Audit Staff Essentials - New Staff Practical Application: Fraud Considerations in a GAAS Audit

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Fraud overview

Fraud is an issue that you will continue to encounter throughout your career. As a new audit staff member, it is important to familiarize yourself with fraud basics, including:

• The potential impact of fraud
• Ways it is discovered
• The audit process with respect to fraud

Fraud schemes and key defenses

By recognizing common fraud schemes, you will be well prepared to approach financial statement audits with confidence and skepticism, by addressing topics including:

• Spotting the signs of fraud
• Responding appropriately when fraud is detected during an audit
• An entity's fraud awareness and prevention responsibilities
• Ways audit data analytics can improve fraud detection

Who Will Benefit

• Recently onboarded staff
• First-year staff
• Firms that want consistent training and level setting

Key Topics

• Fraud basics
• Statistics regarding fraud
• Fraud and the audit process
• Fraud schemes
• Defensive tools and approaches
• Encountering fraud
• Using audit data analytics

Learning Outcomes

• Recognize the definition of fraud in the context of a financial statement audit.
• Identify various dimensions and types of fraud.
• Recognize tools and approaches to defend against fraud.
• Identify appropriate responses to suspicions of fraud.
• Recognize the potential of audit data analytics in common fraud procedures.