April 2022
Intermediate to advanced
1056 pages
34h 59m
English
Content preview from Wiley Practitioner's Guide to GAAS 2022
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5AU-C 240 Consideration of Fraudin a Financial Statement Audit
- Scope
- Definitions of Terms
- Objectives of AU-C Section 240
- Requirements
- Description and Characteristics of Fraud
- Responsibilities of the Auditor
- Professional Skepticism
- Engagement Team Discussion about Fraud (Brainstorming)
- Obtaining Information Needed to Identify Fraud Risks
- Inquiries of Internal Auditors
- Inquiries of Others within the Organization
- Inquiries of Those Charged with Governance
- Considering the Results of Analytical Procedures
- Considering Fraud Risk Factors
- Identifying Fraud Risks
- Assessing Identified Risks
- Responding to the Results of the Assessment of Risk of Material Misstatement
- Evaluating Audit Evidence
- Communication about Possible Fraud to Management and Those Charged with Governance
- Documentation
- Antifraud Programs and Controls
- AU-C 240 Illustrations
SCOPE
AU-C 240 focuses on the auditor's responsibility for fraud in a financial statement audit. AU-C 240 complements and expands on guidance in AU-C 315 and 330 regarding risks of material misstatements. (AU-C 240.01)
DEFINITIONS OF TERMS
Source: AU-C 240.11. For definitions related to this standard, see Appendix A, “Definitions of Terms”: Fraud, Fraud risk factors, Significant unusual transactions.
OBJECTIVES OF AU-C SECTION 240
The objectives of the auditor under AU-C Section 240 are to:
- Identify and assess the risks of material misstatement of the financial statements due to fraud;
- Obtain sufficient appropriate audit evidence regarding ...
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