Management override of control is the most common fraud risk on an audit file. Yet many audit files do not have sufficient documented evidence over this risk. When a file is selected for review, it is usually one of the first items reviewed, and one of the items with various common deficiencies.
From documenting the controls to identifying related parties, selecting items for testing and performing procedures, it seems as if we are just not doing enough.
Join us as we explore the significant risk posed by Journals and related parties and look at the procedures that need to be performed to ensure this risk is mitigated sufficiently.
• Presumed fraud risk if management override of control
• How can management commit fraud through
o Journals
o Related parties
• Identifying related parties and applying professional skepticism
o What constitutes a related party
• Testing related parties and journals
o Identifying the population
o Selecting items for testing
o Procedures to be performed
o Documentation
• Common review findings and deficiencies
☒Auditors
☒First year SAICA Trainees
☒Second year SAICA trainees
☒Third year SAICA trainees
☒Fourth year SAICA trainees
☒Fifth year SAICA trainees
☒Audit managers
☒Audit partners
