Fraud Risks When Conducting Remote Audits

Author: Robert K Minniti

With the COVID-19 pandemic, government shutdowns of businesses, employees working from home, inability to conduct site visits, and social distancing, what fraud risks should auditors consider when planning and conducting an audit in today’s world? What additional fraud risks exist for observing inventory and verifying fixed assets? What are the additional risks when you cannot be onsite for the audit? What are the risks when employees are working from home? How do you conduct walkthroughs and interviews in a COVID-19 environment? This course is designed to explore these issues and discuss audit procedures that can help to mitigate these fraud risks. We will also discuss possible disclosures that may need to be added to the audit report for work arounds or scope limitations.

Publication Date: September 2022

Designed For
CPAs, CFEs, CMAs, CIAs, MAFFs, CGMAs, CFOs, directors, department managers, auditors, bookkeepers, staff accountants and others working on an internal or external audit team.

Topics Covered

• Review of Accounting Principles and Auditing Standards
• Audit Planning
• Review of the Financial Statement Assertions
• Fraud Review
• Fraud Statistics
• Remote Audits
• COVID-19 Issues
• Additional Remote Audit Fraud Risks

Learning Objectives

• Identify fraud risks that could arise when conducting remote audits
• Identify the type of payroll fraud that uses fictitious employees
• Identify who developed the fraud triangle
• Identify the fraud scheme that involves stealing payments from one customer and covering the theft with payments stolen from other customers
• Identify the theory that indicates that people are most likely to imitate the actions of their superiors
• Identify the type of occupational fraud that occurs most frequently

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None