2024 Was It Fraud or Just Poor Audit Quality?
-
Virtual
1.60 Credits
Member Price $59.00
Non-Member Price $79.00
Overview
This session describes a state agency's quality review of a not-for-profit organization's A-133 Single Audit. The case study describes the organization audited, its federally- and state-funded programs, and the CPA firm retained to do the audit. Various anomalies in the financial statements alerted state officials to potential problems, and a detailed quality review followed. Find out how the entity turned hundreds of thousands of dollars in bank overdrafts into hundreds of thousands of dollars of cash on its balance sheet. Explore other “creative” ways to deal with fixed assets, accounts receivable, and related-party transactions. Were the auditors just sloppy, ignorant, negligent? Or were they active participants in producing fraudulent financial statements? You be the judge.
Highlights
- Financial statement manipulation
- Ethics enforcement process
- Auditor conflicts of interest
Prerequisites
None
Designed For
Accountants and auditors at all levels
Objectives
- How easily financial statements can be manipulated
- How checklist auditing is dangerous
- Consequences for poor or negligent audit work
- The importance of auditor objectivity and independence
Preparation
None
Non-Member Price $79.00
Member Price $59.00