Measuring Audit Risks WEBCAST
Overview
SAS 122, AU 240 requires that auditors determine if there is a significant risk that the financial statements are materially misstated due to either error of fraud. This presentation is an overview of how to determine if there is a significant risk of a material risk; whether it is due to error or fraud; and what to do in designing your audit program to address such risk. It’s important to know that without documentation as to such determination, an auditor has no basis for performing any specific audit procedure and thus would be performing a substandard audit. The standards require that each procedure be designed to decrease the possibility of a material misstatement. This program is an overview of how an auditor determines if there is a risk of a material misstatement; how document such determination; and how to address the risk if it is due to error vs fraud, because there is a big difference.
Highlights
Audit risk. Material misstatement. Error vs. fraud. Risk assessment. Audit documentation. Audit procedures. Auditing standards.
Prerequisites
None.
Designed For
External and internal auditors. Fraud examiners.
Objectives
Explain the concept of audit risk and its role in the audit process. Identify factors that indicate a potential risk of material misstatement in financial statements. Differentiate between risks caused by error and those caused by fraud. Evaluate significant risks that may affect the reliability of financial reporting. Document risk assessments in accordance with auditing standards. Design audit procedures that appropriately address identified risks
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Dennis Dycus, BPN Inc
Mr. Dennis F. Dycus, CFE, CPA, CGFM, presently serves as the Director of the Division of Municipal Audit for the Office of the Comptroller of the Treasury, State of Tennessee. A graduate of Western Kentucky University, Mr. Dycus is a frequent guest speaker/lecturer for various college business/accounting classes, professional associations, local, state and national conferences and not-for-profit organizations. In 1996, the Eta Omicron Chapter of Beta Alpha Psi presented him with the Distinguished Alumnus Award in recognition of his support of the WKU Accounting Department. A 1986 graduate of the Tennessee Government Executive Institute, Mr. Dycus is an active member of the American Institute of Certified Public Accountants where he previously served on the Members in Government Committee, the Ad Hoc CPE Curriculum Task Force on Government and the National CPE Curriculum Subcommittee. He is also a member of the Tennessee Society of Certified Public Accountants, the Association of Government Accountants, where he previously served as chapter president; the Government Finance Officers Association, and the Association of Certified Fraud Examiners, where he also served as chapter president and is a former member of both the Association’s Board of Regent and ACFE Foundation as well as a member of their instructor faculty on a national basis. In June, 2005, the Middle Tennessee Chapter honored him with the designation of president emeritus in recognition of his longstanding contributions to the chapter. For the last several years, Mr. Dycus has developed and/or conducted training programs in all fifty states, Puerto Rico, Guam, Canada and Europe. He is a frequent speaker at various professional conferences, both on a local and national level. In 1989 and again in 1997, he was the recipient of the AGA’s, National Education and Training Award and has been presented with several Outstanding Discussion Leader Awards by both the Tennessee and Florida Societies of Certified Public Accountants. In 1998 he was honored with the Association of Certified Fraud Examiner’s, Distinguished Achievement Award for his meritorious service in the detection and deterrence of fraud and in 2001 was one of only three individuals to receive the designation as a Fellow of the Association of Certified Fraud Examiners in recognition for his contribution to expanding the Association’s body of knowledge toward the detection of fraud. In 2003 he was the recipient of the Tennessee Society of CPA’s first ever, Outstanding CPA in Government Award and in 2004 received the Association of Certified Fraud Examiners’ Outstanding CFE in Government Award. In 2009 he was recognized as a Friend of the Association by the Tennessee Association of Utility Districts for his contribution to the utility industry in Tennessee. This was only the second such recognition the association had made in its 52 year history. In addition, he has authored articles on auditing for fraud for national publications.
Non-Member Price $139.00
Member Price $109.00