Basic Staff Training: Cash & Related Fraud Risks Audit Concepts

Author: Robert K Minniti

CPE Credit:  2 hours for CPAs

Are you going to perform an audit on cash and cash functions? Whether you are a new auditor or just need a refresher on this topic this course is for you. We will review the auditing standards and look at best practices for auditing the cash function. We will review cash-based frauds that auditors should be aware of.

From an audit procedure standpoint this session will also focus on the techniques and documentation needs that staff accountant needs to know. In addition, the session will offer practical advice to the senior accountant overseeing the audit on appropriate supervision and review techniques. Many auditors are so busy they don’t have the time to understand the concepts behind the audit procedures being performed in a given audit area. This session is an audit concepts session that takes the participants on a journey that links the audit procedures to the audit standards. The session will also offer practical ideas on how to make the audit area procedures more efficient while maintaining the audit quality.

Publication Date: July 2019

Topics Covered

  • A Review of the Auditing Standards
  • A Review of the Financial Statement Assertions
  • Cash & Related Fraud Risks
  • Audit Procedures
  • Substantive Procedures
  • Documentation Approach

Learning Objectives

  • Identify the auditing standards
  • Identify audit procedures for cash and related fraud risks
  • Recognize which standards require an auditor to have adequate technical training and proficiency to perform the audit
  • Describe which assertions the assertion of existence falls under
  • Identify the three steps of money laundering
  • Recognize which procedure starts with a source document and verifies the transaction is recorded in the financial statements
  • Recognize Benford's Law and how it applies to an auditor analyzing expenses
  • Describe cash related fraud risk terms
  • Recognize and apply the parts of the Fraud Triangle
  • Differentiate fraud schemes involved with misappropriating funds from one customer to cover previous misappropriations from another customer
  • Identify where the auditor should set the materiality threshold for fraud at
  • Differentiate the Auditing Standards requires an auditor to adequately plan the work and properly supervise any assistants
  • Recognize card fraud


Instructional Method

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites

Advance Preparation

Registration Options
Regular Fee $59.00

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