Audit Engagements: Risk Related to Fraud (CAS 240)

Audit Engagements: Risk Related to Fraud (CAS 240)
Distance Learning (DL) courses are sessions that have been recorded from live, in-person offerings and made available as on-demand videos online, along with any corresponding course materials. Note these are purely self-study products and there will be no access to instructors for questions and answers. Each title qualifies for verifiable CPD hours upon successful completion of a quiz at the end of the session. Unlimited quiz attempts are available until the passing grade of 70% or better is achieved. After this, you will no longer have access to the quiz.

NOTE: Course login details are normally sent to registrants within one week from date of registration.


Recorded: October 2020

Because the video recordings are taken from live seminars, the information presented is up-to-date at the time of recording. While we make an effort to keep our inventory updated and seasonally remove outdated titles, changes in accounting, tax and other acts and legislations can happen at any time. It is up to the purchaser to take note of the recording date, and to determine for themselves whether the recorded video is still relevant to their needs. 

An auditor has responsibilities relating to fraud in the context of an audit. The requirements of CAS are designed to assist the auditor in identifying and assessing the risk of material misstatement due to fraud and in designing procedures to respond to and detect such misstatements.

Misstatements in the financial statements can arise from fraud or error. The distinguishing factor between fraud and error is whether the underlying action that results in the misstatement is intentional or unintentional. As fraud is intentional and involves schemes designed to hide misstatement, the risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting one resulting from error.

Participants will identify the auditor’s responsibilities related to fraud and apply the standards when designing and performing procedures for audit engagements. 

The objectives of this course are to increase the understanding ofhelp practitioners outline fraud responsibilities in the context of an audit and to help the auditor apply the standards in their assurance engagements in a meet the above objectives in a practical and efficient manner.

By the end of the course, participants will be able to:

  • Recognize fraud risk factors
  • Identify and assess the risk of material misstatement of the financial statements due to fraud (Risk Assessment Procedures)
  • Design appropriate audit procedures to address the risk of fraud
  • Perform required required procedures including journal entry testing
  • Implement unpredictability procedures into the engagement
  • Assess the results of procedures performed
  • Respond appropriately to fraud or suspected fraud identified during the audit


  • Overview of CAS 240 and its related requirements
  • Review of key characteristics of fraud
  • Performing Describe required risk assessment procedures
  • Through discussion and examples, dDesign audit procedures to address the risk of fraud including reviewing of journal entry testing requirements and building unpredictability into audit procedures
  • Evaluate audit evidence obtained and assess impact on planned audit procedures including developing additional procedures, if required and the audit report
  • Assess the impact on the audit report
  • Overview Implement of documentation and communication requirements into the engagement files

Practitioners in public practice who want to improve their ability to identify and assess the risk of fraud as well as who want to strengthen the work performed and documented in the assurance files in order to help them meet their responsibilities related to fraud in an efficient and effective manner. 

CPD- 2 Hours

4/1/2022 - 3/31/2023 11:59 PM