| Title: |
Auditor Responsibility for Fraud |
| Prerequisite: |
None |
| Advance Preparation: |
None |
| Knowledge Level: |
Update |
| Subject Matter Area: |
Auditing |
| Date of Publication: |
May 2008 |
| Copyright © |
2008 by Bisk Education, Inc. All rights reserved. |
| Recommended CPE Credits: |
1 QAS/Registry (50-minute hour) |
| Expiration Date: |
One year from date of receipt to complete program and submit quizzer to obtain credit |
| Passing Grade for Quizzer: |
70 percent or higher |
The auditor's responsibility for fraud in a financial statement audit has been the subject of many discussions in recent years as more and more financial scandals have come to light. Generally accepted auditing standards are not the only standards that require auditors to look for or plan an engagement to look for fraud. This program discusses the different standards and the auditor's responsibility for fraud under them.
Note: Reporting of CPE credit to a CPA's state board is the responsibility of the CPA. Subscribers to CPE Network Accounting & Auditing Report may not receive duplicate credit for this material, which previously aired in the May 2008 edition of this program.
Use of Materials
Audio or DVD
The user should begin by watching the DVD segment or listening to the audio CD for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. It may be helpful to highlight important material and/or to make additional notes. Next, the user should complete the study questions at the end of the chapter and review the answers. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the DVD or listening to the CDs and reading the text, s/he may wish to review her/his notes and any sections of the text or DVD that were difficult. When the user is ready, s/he should complete the quizzer. Reviewing notes periodically will increase retention of the material.
Online
The user should follow the procedures discussed above. After the user has studied each chapter, s/he should click on the link at the left to complete the interactive study questions. When the user has finished reading the text, s/he may wish to review her/his notes and any sections that were difficult. When the user is ready, s/he should click on the link to the left to complete the quizzer. The user's CPE certificate will be provided immediately upon successful completion of the quizzer.
This program is divided into three (3) chapters.
Chapter 1 contains a discussion with Jennifer F. Louis regarding the auditor's responsibility for fraud under a variety of auditing standards. She considers the requirements under GAAS, GAGAS, and the PCAOB.
Chapter 2 contains An Auditor's Responsibility for Fraud under Various Auditing Standards as supplemental materials.
Chapter 3 contains review problems that help illustrate the topic.