Navigating Audit Challenges – Fraud, Illegal Acts, and Ongoing Auditor Responsibilities ON DEMAND

Overview

This course provides a comprehensive overview of the auditor’s responsibilities in complex financial reporting environments, with a strong focus on how companies manipulate financial statements and operating cash flow through revenue and expense schemes, asset and disclosure distortions, classification and timing tactics, structured transactions, and misleading presentations, including non-GAAP measures. Building on that foundation, the course examines how auditors respond to fraud indicators and potential illegal acts, including evaluating their impact and communicating appropriately with management and the audit committee. It also covers required audit committee communications throughout the engagement, auditor responsibilities for engagement deficiencies and the subsequent discovery of facts after report issuance, and the purpose, scope, and limitations of comfort letters in securities offerings.

Highlights

Identifying manipulation of revenue. Distinguishing legitimate transaction from illegitimate. Recognizing various fraud techniques.

Prerequisites

None.

Designed For

Auditors, CPAs, CEOs, and other accounting professionals.

Objectives

Identify common methods of manipulating revenue and earnings in financial statements. Recognize indicators of inflating earnings with non-recurring items and overstating deferred revenue. Distinguish between legitimate and fraudulent journal entries. Recognize indicators of backdating transactions and how they can impact financial reporting. Identify fraudulent activities that involve understating expenses and liabilities in financial statements. Recognize common schemes for misclassifying financial statement items and manipulating reserves. Distinguish between legitimate and fraudulent lease classifications under accounting standards.

Preparation

None.

Notice

None.