CPE Credit: 2 hours

Fraud detection remains one of the most challenging and scrutinized areas of auditing. This course provides a clear overview of the auditor’s responsibilities for identifying, assessing, and responding to fraud risks under U.S. GAAS, PCAOB standards, and related guidance. Participants will explore the professional requirements outlined in the AICPA’s new SAS The Auditor’s Responsibility Relating to Fraud in an Audit of Financial Statements, and PCAOB AS 2401, with emphasis on planning procedures, risk assessments, and the use of professional skepticism. The course also addresses practical fraud risk indicators, communication with management and those charged with governance, and documentation requirements. Real-world case studies will highlight lessons learned from fraud-related audit failures and enforcement actions. 

Topics Covered:
• Audit Standards
• Audit Procedures
• Financial Statement Assertions
• Audit Opinions

Learning Objectives:
• Explain the auditor’s responsibility for detecting fraud under professional auditing standards.
• Identify fraud risk factors and apply risk assessment procedures during audit planning.
• Apply professional skepticism and design appropriate audit responses to fraud risks.
• Distinguish between errors and fraud, and recognize common fraud schemes that impact financial reporting.
• Document fraud-related audit procedures and communicate appropriately with management, audit committees,