Heightened Risks of Fraud and Other Illicit Activities during COVID-19
CPD Hours: 2
Price: R237.50
Heightened Risks of Fraud and Other Illicit Activities during COVID-19
Presenters : Lettie Janse van Vuuren CA(SA)
Overview
We are all painfully aware that many entities and their stakeholders are experiencing financial, operational and personal difficulties. Due to the pressures and significant uncertainty associated with the pandemic, entities are exploring avenues to remain as going concerns, keep operational stability, and drive sustainability and growth in the longer term. Those avenues might create opportunities for illegal and fraudulent activities.
This webinar highlights the heightened risks of fraud arising from the disruptive and uncertain COVID-19 environment (including considerations for auditing Financial Statements) and the implications for both professional accountants in business and in public practice, including auditors and accountants in government.
IRBA (the South African Independent Regulatory Board for Auditors), IESBA (International Ethics Standards Board for Accountants) and the IAASB (International Auditing and Assurance Standards Board) have jointly published a staff alert on this topic as a guidance and support tool.
This webinar is complemented by an IESBA Staff Publication - COVID-19 and Evolving Risks for Money Laundering, Terrorist Financing and Cybercrime. Lettie has already presented a webinar on this document on 23 February 2021 – which is available to you as a webinar on demand.
Learning objectives
By the end of this event the attendee will:
-
Understand how COVID-19 has created opportunities for increased fraud and other illicit activities;
-
Understand the fraud triangle and know examples of opportunities for fraud to be perpetrated;
-
Understand how the International Standards can help;
-
Understand the implications on auditing Financial Statements; and
-
Be aware of some important reminders for accountants to remember in future.
Content
The webinar will cover the following topics:
-
Introduction.
-
The Fraud Triangle:
-
Some examples of opportunities for fraud to be perpetrated.
-
-
How can the International Standards help?
-
The application of the Code’s Conceptual Framework.
-
NOCLAR.
-
Inducement including Gifts and Hospitality.
-
Pressure.
-
-
Auditing Financial Statements and the increased risk of Fraud.
-
Fraud Risk.
-
Planning and Performing the Audit.
-
Communicating with Management and TCWG (those charged with governance).
-
Professional Scepticism.
-
-
What now?
-
Some important reminders for accountants.
-
