Advanced Audit Staff Training: The Auditors Responsibility for Finding Fraud

Author: Robert K Minniti

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