Misstatements in financial statements can arise from fraud or error, the distinguishing factor being fraud is intentional while error is unintentional. The requirements of CAS 240 are designed to assist the auditor in identifying and assessing the risk of material misstatement due to fraud and in designing procedures to detect and respond to such misstatements. This course helps to clarify the requirements of the standard and assists the auditor in meeting their responsibilities related to fraud.

A strong understanding of fraud risk factors is a good starting point in identifying the risk of fraud. This course will help practitioners to address their fraud responsibilities in the context of an audit by helping practitioners identify and assess the risk of fraud as well as design and perform required risk responses such as journal entry testing and incorporating unpredictability procedures into the audit. In addition, the course will help the practitioner determine next steps and assess the impact on the audit opinion when fraud is discovered or suspected including better understanding communications and documentation requirements. Finally, participants will learn how to maintain an attitude of professional skepticism throughout the audit which will help them to perform a quality audit and reduce their risk in an efficient and effective manner.

This course is not intended as a technical course on IFRS application. For IFRS implementation, please register for IFRS: A Review of the Standards.

Topics Include:

• Overview of CAS 240 and related requirements
• Review of the key characteristics of fraud
• Examination of required risk assessment procedures
• Designing and performing audit procedures to address the risk of fraud
• Evaluating audit evidence obtained and assess impact on planned audit procedures
• Assessing the impact on the audit report and determining where modifications may be required
• Documentation and communication requirements
• Overview of CAS 240 and related requirements
• Review of the key characteristics of fraud
• Examination of required risk assessment procedures
• Designing and performing audit procedures to address the risk of fraud
• Evaluating audit evidence obtained and assess impact on planned audit procedures
• Assessing the impact on the audit report and determining where modifications may be required
• Documentation and communication requirements

NOTE: No updates or changes were made to the 2024 version of this course. If you completed the course in 2022 or 2023, please be advised the 2024 course material has not changed. If you have any questions, please contact pdevents@cpaontario.ca.

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