Overview

The perpetration of fraud, causing material misstatements in the financial statements and/or non-compliance with laws and regulations, has become more prevalent at entities in South Africa over the past few years.

Registered auditors are required to be alert to the possibility of fraud, thereby enabling them to respond appropriately. Due to this prevalence, auditors have called for additional guidance relating to fraud.  IRBA have issued a Staff Audit Practice Alert to provide auditors with implementation guidance in responding to the risks of material misstatements due to fraud and/or non-compliance with laws and regulations.

During this webinar we will highlight key areas of focus in the current environment when undertaking procedures relating to, and concluding on fraud considerations in accordance with the International Standards on Auditing.  It is helpful in understanding the auditor’s responsibilities in relation to fraud, as well as any modifications made to the auditor’s audit approach in respect of any responses related to fraud.

Join our technical expert Lettie Janse van Vuuren CA(SA) on 11 August 2020 from 14:00 p.m. to 16:00 p.m. as she discusses the fraud considerations in a clear and understandable format. 

Learning objectives

By the end of this event the attendee should:

• Understand the implications of fraud on the auditor’s work;
• Understand the expectation gap that exists in practice;
• Understand ISA 240 in a nutshell plus its relationship to ISA 315 and ISA 330.
• Understand important fraud considerations:
  • Who has the primary responsibility for the prevention and detection of fraud? 
  • The importance of applying professional scepticism and exercising professional judgment;
  • The auditor's responsibilities to identify, assess and respond to the risks of material misstatement due to fraud;
  • The auditor's considerations to respond to identified risks of material misstatement due to fraud, when there is a fraud investigation in progress;
  • The use of forensic experts during fraud discussions, fraud inquiries and the execution of the audit, when specific factors are identified; and
• Get guidance and examples to assist in the application of auditing standards including practical tips and fraud interview techniques.

Content

The webinar will cover the following topics:

• Introduction to fraud considerations.
  • The implications of fraud on the auditor’s work.
  • The expectation gap that exists in practice;
• ISA 240 in a nutshell.
  • How ISA 240 expands on the application of ISA 315 and ISA 330.
• Specific considerations:  
  • Primary responsibility for prevention and detection of fraud.
  • Professional scepticism:
    • Fostering professional scepticism.
    • 7 critical things that enhance professional scepticism abilities.
  • How to document professional judgment.
  • Identifying, assessing and responding to material misstatement risk due to fraud:
    • Examples of Fraud Risk factors.
    • Identification and assessment of risks.
    • Examples of fraud schemes in Revenue Recognition.
    • Considerations on the use of a forensic expert.
    • Responding to assessed risks.
    • Characteristics that may be indicative of fraudulent transactions. 
  • Auditor's considerations when there is a fraud investigation in progress.
  • Use of forensic experts when specific factors are identified.
  • Auditing standards application:
    • Guidance and examples.
    • Forensic interview techniques.
• The effect of fraud on the auditor’s report.

Obtaining your CPD certificate

This webinar qualifies for 2 CPD hours with your professional body including: ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CIS, ICBA, LSSA, FPI, and the IBA. The SAAA CPD policy is compliant with IFAC IES7 and is recognised by all relevant professional bodies. All attendees are issued with a CPD certificate available in an online profile.

About the presenter

Lettie Janse van Vuuren CA(SA), RA

Lettie is a Chartered Accountant, Registered Auditor, as well as an Assessor and Moderator. She joined SA Accounting Academy in November 2017 as Head of Technical. As a professional trainer and webinar host, she is able to hold the attention of an audience with her relaxed and humorous presentation style. She has a unique ability to communicate with delegates at their respective levels of knowledge and experience. Over the last 20 years, she has trained thousands of partners, managers, trainee accountants and other professionals.

She is responsible for researching, compiling and presenting our MCLU (Monthly Compliance and Legislation Updates). She was the Professional Development Manager at SAICA for 4 years and in charge of accrediting new training offices and monitoring existing ones (including the moderation of training offices and trainee assessments).

Who should attend

The following persons will benefit from attending this webinar:

• Professional accountants including: RA, CA(SA), PA(SA) and BAP(SA).
• Audit managers/supervisors.
• Audit trainees/assurance staff.
• Compilers/independent reviewers.
• Accounting officers.

Price

• R 475.00 - Online admission - Individual.

• R 950.00 - Online admission - Company.

Steps to register for the event:

If you already have a profile, login and register for the webinar.

If you don’t have a profile, create a free profile then login and register for the webinar.

Click here to create a free profile (There is no charge to create a profile and gain access to our free Monthly Practice Management Series).

Click here to find out about the Technical Resource Centre & CPD Subscription options.

Additional material

By attending this webinar you will be provided with:

• Summarised slide presentation;
• Reference documents and/or course material where available; and
• You can ask questions during the webinar and you will also have access to the presenter after the webinar.