An auditor has responsibilities related to fraud detection in the context of an audit. The requirements of CAS 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements are designed to assist the auditor in identifying and assessing the risks of material misstatement (ROMM) due to fraud and in designing procedures to respond to and detect such misstatements. In this course, participants will gain a deeper understanding of CAS 240 and how to meet the auditor’s responsibilities related to fraud.

What You Will Learn

By the end of this course, participants will be able to:

  • Describe the characteristics of fraud in the context of an audit
  • Explain the auditor’s responsibilities related to fraud in an audit in accordance with CAS 240
  • Identify and assess the ROMM due to fraud and respond appropriately to those risks
  • Explain how to evaluate whether the initial assessment of ROMM remains appropriate in light of the audit evidence obtained throughout the audit
  • Explain how to maintain and practically apply professional skepticism throughout the audit

What Topics Are Covered

  • Guidance and requirements related to fraud as outlined in CAS 240
  • Key characteristics of fraud
  • Identifying and assessing ROMM due to fraud
  • Responding to identified ROMM due to fraud
  • Evaluating whether audit evidence addresses the ROMM due to fraud
  • Documentation and communication requirements in relation to fraud

Who Will Benefit

Practitioners in public practice who want to improve their skills in identifying and assessing the risk of fraud, as well as those who want to strengthen the work performed and documented in their audit files in order to help meet their responsibilities related to fraud.