This advanced level course provides audit professionals with a comprehensive understanding of their responsibilities for identifying, assessing, and responding to fraud risks in financial statement audits. Participants will explore requirements under U.S. GAAS, PCAOB AS 2401, and the AICPA’s new SAS on fraud, with emphasis on applying professional skepticism, enhancing fraud‑focused risk assessments, and designing robust audit responses.
Through real world case studies and recent enforcement examples, the course highlights common fraud schemes, indicators of management bias, documentation pitfalls, and communication obligations with management, audit committees, and regulators. Attendees will gain practical tools for strengthening fraud detection procedures, improving audit defensibility, and elevating audit quality in high risk environments.
Publication Date: May 2026
Designed For
This course is designed for experienced audit professionals responsible for identifying and responding to fraud risks during audit engagements
Topics Covered
- Fraud related requirements under GAAS, PCAOB AS 2401, and AICPA fraud SAS
- Planning and performing fraud‑focused risk assessments
- Professional skepticism: recognizing bias, pressure, and override risks
- Common financial reporting fraud schemes and red flags
- Designing and executing fraud‑responsive audit procedures
- Evaluating audit evidence, documentation pitfalls, and enforcement themes
- Communicating fraud findings to management, audit committees, and regulators
- Case studies: lessons learned from major fraud related audit failures
Learning Objectives
- Explain the auditor’s responsibilities for detecting fraud under U.S. GAAS, PCAOB AS 2401, and relevant SAS guidance
- Identify and analyze fraud risk factors using enhanced planning and risk assessment procedures
- Apply professional skepticism and design fraud‑responsive audit procedures across significant risk areas
- Differentiate between errors and fraud and recognize common financial reporting fraud schemes
- Evaluate and document fraud related procedures, findings, and communications in accordance with professional standards
- Demonstrate how to communicate fraud related matters appropriately to management, those charged with governance, and regulatory bodies
Level
Advanced
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
This course is designed for experienced audit professionals responsible for identifying and responding to fraud risks during audit engagements
Advance Preparation
None
Instructor
Robert K Minniti
DBA, CPA, CFE, Cr.FA, CVA, MAFF, CFF, CGMA, PI
Dr. Minniti is the President and Owner of Minniti CPA, LLC. Dr. Minniti is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, Master Analyst in Financial Forensics, Chartered Global Management Accountant, and is a licensed private investigator in the state of Arizona.
Dr. Minniti received his doctoral degree in business administration from Walden University, received his MBA degree and Graduate Certificate in Accounting from DeVry University’s Keller Graduate School of Management, and received his Bachelor of Science in Business Administration degree from the University of Phoenix. Dr. Minniti taught graduate and undergraduate courses in forensic accounting at DeVry University, Grand Canyon University, Kaplan University, Northwestern University, and the University of Phoenix. He designed graduate and undergraduate courses for Grand Canyon University, Northwestern University, and Anthem College.
He is a writer and public speaker. He has experience in forensic accounting, fraud examinations, financial audits, internal audits, compliance audits, real estate valuations, business valuations, internal control development, business continuation planning, risk management, cyber security, privacy laws, data security, Sarbanes-Oxley compliance work and business consulting. In addition to his practice Dr. Minniti is an instructor teaching continuing professional education classes for a variety of providers and CPA Societies.
Dr. Minniti is currently serving as a board member on the National Association of Certified Valuators and Analysts' (NACVA) Litigation Forensics Board (LFB) and as a committee member on the Arizona State Board of Accountancy's Law Review Advisory Committee.