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Surgent’s Fraud Risk Assessment Basics (SSAA710/24)

Event Description

The financial statement auditor’s overall objectives are to obtain reasonable assurance as to whether the financial statements are materially misstated due to fraud or error and to issue a report that includes an opinion. As noted in the independent auditor’s report, the risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. This module will highlight the audit procedures required by professional standards to assess the risk of fraud and perform further procedures in response to fraud risk. (Please Note: This module is part of Surgent’s Audit Skills Training: Level 2.)

Designed For

Accountants who have responsibility for identifying, assessing, and responding to fraud risk on a financial statement audit


Explain the various types of fraud relevant to a financial statement audit Discuss the requirements related to fraud in generally accepted auditing standards Describe fraud indicators Perform appropriate responses to identified fraud risk

Major Subjects

Explain the expectation gap with financial statement users regarding the auditors responsibilities for preventing and detecting fraud Fraud inquiries and engagement team discussion points Identifying and responding to fraud risk on an audit Testing journal entries and other tests for management override Fraud communications