This paper concentrates on the primary theme of Define fraud Risk and fraud Risk Factors, distinguish Fraud Risk Factors from the Fraud Risks, etc? in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.
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.