Fraud Responsibilities in Audit Engagements - filmed in 2020

Course Price: $179.97

Number of PD hours: 3.0

Online - Recorded - Available

Canadian Auditing Standards (CAS) require that every audit contain significant consideration of the possibility of fraud – either from falsified financial statements or from the theft or misuse of assets.

The likelihood of a practitioner discovering a major fraud in an audit client is remote. However, improperly assessing the risk of fraud could result not only in practice inspection deficiencies but also in embarrassment and possible legal action if a fraud has actually taken place.

The goal of this course is to clarify the professional requirements relating to fraud in the performance of an audit and to provide an organized approach to the identification, assessment and response to fraud risk factors.

Topics to be discussed include:

• How practitioners can protect themselves from unreasonable expectations by clients and others regarding fraud procedures when performing an audit

• Overall CAS requirements regarding fraud

• Symptoms of possible fraud

• Identification and assessment of fraud risk factors

• Audit response to the risk of material misstatement of financial statements due to fraud

• Evaluation of audit evidence and communication of results

• An organized approach to required audit documentation re: fraud risks

While the above material is relevant to any audit, specific emphasis will be placed on fraud as it relates to the audit of private enterprises and not-for-profit organizations.


David Baker CPA, CA

David Baker earned his CA designation in 1981, earning an award as a top UFE writer in the Waterloo Region. In 1983 he began his own public accounting practice in Elmira, Ontario serving local small and medium-sized owner-managed businesses

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