Fraud Risk in Governmental and Not-for-Profit Organizations
Monday, December 11, 2017
Recognizing fraud risks in governmental and not-for-profit organizations is often challenging due to the inherent nature of these organizations. In addition to their public nature, these organizations may have limited support staff or staff with limited accounting expertise which can result in less than effective fraud prevention and detection programs and/or increased opportunities for fraud. Using a combination of examples and explanations of audit standards, obtain an understanding of the frauds most commonly perpetrated in government and not-for-profit organizations and what prevention and detection procedures are effective in responding to these fraud risks. This course also discusses how auditors might address their responsibilities with respect to fraud in a financial statement audit of governmental and not-for-profit organizations. TOPICS DISCUSSED GAAS and GAGAS standards related to the auditor's responsibility with respect to fraud in a financial audit Recognize areas where fraud most likely occurs in governmental and not-for-profit organizations Fraud programs and controls that may be effective in addressing fraud risks in governmental and not-for-profit organizations
- Determine the auditor's responsibility with respect to fraud in a financial statement audit.
- Identify strategies to prevent, deter, and/or detect fraud in governmental or not-for-profit organizations.
- Determine audit procedures effective in addressing the risk of material misstatement due to fraud in the financial statements of governmental and not-for-profit organizations.