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Auditing Fraud Risk in the Current Environment
Audit & Assurance

Auditing Fraud Risk in the Current Environment

Gain an understanding of why auditors focus on fraud risk, where fraud may be more common, and steps to identify and respond to suspected fraud.

$109 - $131
Do you have an AICPA membership? Log in to apply your member discount.



NASBA Field of Study




CPE Credits



Carl R. Mayes Jr., David Zweighaft, Jennifer Burns


Product Number


 Business & partner 
Product Details

Why do auditors focus on fraud risk?

An auditor is responsible for obtaining reasonable assurance that the financial statements as a whole are free from material misstatement, whether caused by fraud or error.

Further the risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error. This is because fraud may involve sophisticated and carefully organized schemes designed to conceal it, such as forgery, deliberate failure to record transactions, or intentional misrepresentations being made to the auditor.

This webcast will cover both the planning and risk assessment phases, identifying where fraud is commonly identified earlier in the audit process. Further, this course will examine other areas where fraud is commonly identified, from revenue recognition to liabilities, expenses and disclosures.

You'll also learn how to prepare when fraud is identified.

Key Topics

  • Fraud in an audit
  • Procedures that may identify fraud
  • Steps to respond to fraud risk
  • When suspected fraud is identified

Learning Outcomes

  • Recall why auditors focus on fraud.
  • Identify key procedures relative to fraud performed during the planning phase of the audit.
  • Indicate the steps to identifying and responding to fraud risk.
  • Recognize where fraud risk may be more common.
  • Determine the steps to address suspected fraud.

Who Will Benefit

  • Practitioners who perform audit engagements
Credit Info
CPE Credits
NASBA Field of Study
This is a digital product. With full paid access the content will be available to you for 3 months after purchase date.
2 hrs
For more information, please refer to CPE requirements and NASBA sponsorship information
Do you have an AICPA membership? Log in to apply your member discount.
AICPA Members

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Contact us
Carl R. Mayes Jr.
Carl Mayes is the AICPA’s Senior Director – Audit and Accounting Quality. Carl oversees the AICPA’s audit-related offerings, including learning, publications, and conferences. He is responsible for the Enhancing Audit Quality (EAQ) initiative and AICPA Not-for-Profit Section. He previously directed the CPA Evolution initiative, which is transforming the path to CPA licensure, and served on the AICPA Peer Review team. Carl is a licensed CPA in North Carolina and a Certified Association Executive. Before joining the AICPA, he worked as an auditor for regional and local public accounting firms.
David Zweighaft
David is a Fraud Subject Matter Expert with almost thirty years of experience serving the legal and financial services communities. His background includes Accounting, Auditing, Finance and Project Management. He has an extensive background in Accounting Policies and Procedures and Financial Reporting with an emphasis on investigating financial statement misrepresentations, assessing the effectiveness of internal controls and their impact on operational efficiencies. David is responsible for providing law firm clients with litigation consulting services including conducting investigations, performing analyses and calculating economic damages, providing expert witness testimony and performing due diligence reviews. In addition, David has managed large litigation consulting engagements, assessing controls and evaluating documents produced during the discovery process.
Jennifer Burns
Jennifer Burns, CPA is the Chief Auditor at the Association of International Certified Professional Accountants. Jennifer serves as the Association’s leading expert on U.S. and international auditing and attestation standards and leads its professional standards team in the delivery of high-quality innovative audit, attest, quality control, review, compilation, and preparation standards. Jennifer provides strategic direction to the AICPA U.S. Auditing Standards Board (ASB) and the U.S. Accounting and Review Services Committee (ARSC), in partnership with their chairs. She works with the ASB in identifying and developing innovative and transformational standards that encourage the use of technology in the audit and in visioning how the audit might change as technology advances. Prior to joining the AICPA in January 2021, Jennifer was a partner in the national office for Deloitte & Touche LLP where she focused on regulatory, standard-setting and quality matters impacting the performance of audits. In this role, she regularly interacted with standard-setting and regulatory entities including the PCAOB, SEC, IAASB and COSO, representing the views of the firm. Most recently she applied her passion and expertise for audit innovation to oversee the development of tools and methodologies that facilitated the delivery of audit and attestation services. She transformed the firm’s and profession’s approaches to emerging areas of assurance and developed guidance and thought leadership on other critical issues, including internal control, third-party assessments, sustainability, blockchain and artificial intelligence. From 2004-2006, Jennifer served as a professional accounting fellow in the SEC’s Office of the Chief Accountant where she focused on professional practice matters, including issues related to the implementation of the Sarbanes-Oxley Act of 2002. Jennifer graduated cum laude from Claremont McKenna College in Claremont, CA and is a CPA in California and Nevada.

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Auditing Fraud Risk in the Current Environment
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Feb 23, 2023
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Apr 20, 2023
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