After this session, delegates should understand the concept of fraud and the responsibility of the auditor towards fraud. It should be clear that it is not the auditors responsibility to detect and prevent fraud, but that an audit should be performed in such a way to be able to identify significant fraud. Delegates should be able to use the fraud risk factors to identify the risks relating to fraud. Finally delegates should know what to do when fraud is detected, how it will influence the audit and what and whom to report to.

What constitutes Fraud and what is the difference between fraud and white collar crime? Types and examples of fraud What is the fraud risk triangle and how can auditors use it to determine the risk of fraud Is it the auditors responsibility to detect fraud? What is expected from auditors and is this realistic? Whose responsibility is the detection and prevention of fraud? The auditors actual responsibility towards fraud o To obtain an understanding of the entity and the fraud risk factors to plan the audit o To perform fraud risk assessment o What are the presumed fraud risks o To considering laws and regulations o Documenting the fraud risk assessment How can the auditor respond to the risks of fraud? o Overall responses the auditor can implement o Responses over significant risks What if fraud is detected? o What happens if I can't continue the engagement? o Who does the auditor need to report to? Reporting requirements i.r.o. section 45 of the Reportable Irregularity Reporting requirements i.r.o. regulation 29 of the Companies Act Reportable Irregularities in an independent review o How does this differ from the reporting responsibility in section 45 of the APA o What is insolvency and what is reckless trading Communicating with those charged with governance How will this affect my audit report?

This session will be on an intermediate level and all employees within an engagement team, regardless of their level will find this beneficial.

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