SAS No. 122, AU 240, Consideration of Fraud In A Financial Statement Audit requires that when a CPA is performing a financial statement audit, they must plan and perform their audit in such a manner that it will detect a material misstatement of the financial statements.

This presentation is not an overview of AU 240, rather it is a descriptive Where The Rubber Meets The Road. What are some of the actual procedures that should be performed; who do you need to talk to (that you have probably never spoken to before); how to talk to individuals (you can't talk to everyone the same or you won't get the information you are looking for); what type of person does it take to be a successful fraud auditor (not everybody can be a good fraud examiner); how management appears to encourage fraud; how society encourages fraud; the importance of internal controls that limit risks; the concept of the Perception of Detection; and the importance of the control environment in deterring risks.

Chances are, after viewing this presentation, you will never look at an audit the same.

Learning Objectives

• How to analyze the Tone At The Top
  
• Recognizing how change presents opportunities
  
• Understanding the importance of professional skepticism and how one obtains it
  
• Define how the discovery of an error and the discovery of a fraud change the scope of an audit in a different manner
  
• Analyze a document for indicators of fraud
  
• Discover why you should always conduct a fraud examination in anticipation of going to court (regardless what your client says)
  
• Auditing
  
• Fraud

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