- NY Credits : 1.0
- TX Credits : 1.0
Fraud in Smaller Entity Engagements
AU 240, Consideration of Fraud in a Financial Statement Audit, has been redrafted in accordance with the Auditing Standards Board's Clarity Project. The Clarity Project's overall goal is to address the clarity, length, and complexity of all the statements on auditing standards. The effective date will be for audits of periods ending on or after December 15, 2012. Jennifer F. Louis, CPA, and president of training services for Emergent Solutions Group, LLC, reviews key aspects of management's responsibilities, the auditor's responsibilities, and why and where fraud is most likely to occur in smaller entities.
Note: Reporting of CPE credit to a CPA's state board is the responsibility of the CPA. Subscribers to CPE Network report may not receive duplicate credit for this material, if the user has already received credit when completing CPE Network. Please reach out to Checkpoint Learning customer support if you have any additional questions.
Upon successful completion of Fraud in Smaller Entity Engagements, the user should be able to:
identify who is responsible for the fair presentation and preparation of the financial statements,
recognize what the auditor's primary responsibilities related to fraud are,