Define fraud Risk and fraud Risk Factors, distinguish Fraud Risk Factors from the Fraud Risks, etc?

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Define fraud Risk and fraud Risk Factors, distinguish Fraud Risk Factors from the Fraud Risks

1) Define fraud Risk and fraud Risk Factors, distinguish Fraud Risk Factors from the Fraud Risks, etc?

2) What is the elements of an FCPA violations and claim?
3) How is connection between Fraud Risk Factors and Fraud Schemes?

4) Discuss, why are FCPA claims uniquely in the realm of forensic accountants and what challenges are there to pursuing such actions?

5) Understand and discuss what fraud means in different circumstances and situations.  That is- what does fraud look like for a lawyer versus an auditor, versus a forensic accountant.

6) We discussed a number of real world frauds. So, Discuss how do you draw connections or distinctions between these frauds. E,g. how was the Ponzi scheme similar to Bernie Madoff and how was it different.

Consideration of Fraud in a Financial

Statement  Audit



(Supersedes  SAS No. 82)


Source: SAS No. 99; SAS No. 113.


Effective for audits of financial statements  for periods  beginning  on or after

December 15, 2002, unless otherwise  indicated.



Introduction and  Overview

.01  Section 110,  Responsibilities and  Functions of the  Independent Audi- tor, paragraph .02, states, “The auditor has a responsibility to plan and perform the  audit to  obtain reasonable assurance about whether the  financial state- ments are  free  of material misstatement, whether caused by error or fraud. [footnote omitted]”1  This  section establishes standards and  provides guidance to auditors in fulfilling that responsibility, as it relates to fraud, in an  audit of financial statements conducted in accordance with generally accepted auditing standards (GAAS).2

.02  The  following  is an  overview of the  organization and  content of this section:

  • Description and characteristics of fraud. This  section describes fraud and  its characteristics. (See paragraphs .05 through .12.)
  • The importance of exercising professional skepticism. This section dis- cusses the  need  for auditors to exercise professional skepticism when considering the  possibility that a material misstatement due  to fraud could be present. (See paragraph .13.)
  • Discussion among engagement personnel regarding the risks of mate- rial misstatement due  to fraud. This  section requires, as part of plan- ning  the  audit, that there be a discussion among the  audit team mem- bers to consider how and where the entity’s financial statements might

be susceptible to material misstatement due  to fraud and  to reinforce the  importance of adopting an  appropriate mindset of professional skepticism. (See paragraphs .14 through .18.)



1   The auditor’s consideration of illegal acts  and  responsibility for detecting misstatements result- ing  from  illegal acts  is defined in section 317,  Illegal Acts  by Clients. For  those illegal acts  that are defined in that section as having a direct and  material effect on the  determination of financial state- ment amounts, the  auditor’s responsibility to detect misstatements resulting from such  illegal acts  is the  same as  that for errors (see section 312, Audit Risk and  Materiality in Conducting an  Audit, or fraud).

2   Auditors are  sometimes requested to perform other services related to fraud detection and  pre- vention, for example, special investigations to determine the  extent of a suspected or detected fraud. These other services usually include procedures that extend beyond  or are  different from  the  proce- dures ordinarily performed in an audit of financial statements in accordance with generally accepted auditing standards (GAAS). AT section 101, Attest Engagements, and  CS section 100, Consulting Ser- vices: Definitions and  Standards, provide guidance to accountants relating to the performance of such services.

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