Unraveling Fraud Risks in Financial Statements
Author: Kelen Camehl
| CPE Credit: |
1 hour for CPAs |
This course provides an overview of fraud risks and responsibilities, focusing on the conditions that enable fraud, management's role, and the ethical and legal considerations auditors face. Participants will explore key topics, including fraudulent financial reporting, misappropriation of assets, and management override of controls, along with the behavioral and cultural drivers that contribute to fraud. This course emphasizes fraud prevention, detection, and the importance of ethical decision-making in upholding financial integrity.
Publication Date: March 2025
Topics Covered
- Fraud Overview
- Fraudulent Financial Reporting
- Misappropriation of Assets
- Conditions of Fraud
- Management & Fraud Risks
- Management Override of Controls
- Ethical Responsibilities and Legal Considerations
Learning Objectives
- Recognize the conditions that enable fraud, including incentive, opportunity, and rationalization
- Identify fraudulent activities such as fraudulent financial reporting and misappropriation of assets
- Explain how to distinguish between the behavioral and cultural drivers that contribute to fraudulent actions
- Identify the ethical and legal responsibilities of auditors when addressing fraud risks
- Determine how management override of controls creates opportunities for fraud
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Auditing (1 hour)
Program Prerequisites
None
Advance Preparation
None
