68523  |  Vendor Webcasts  |  December 1

Surgent's Assessing the Risk of Fraud In a Financial Statement Audit

Thursday, December 1, 2022 8:00am - 4:00pm

Download to calendar

The Association of Certified Fraud Examiners says that there is fraud lurking in all businesses including not for profit organizations. It often goes undetected for years and when uncovered, management and the board may question why the auditor did not identify it. The auditor's responsibility in a financial statement audit is to assess risk and perform sufficient procedures to obtain reasonable assurance that the financial statements are free from material misstatement due to fraud or error. However, failure to perform an adequate fraud risk assessment and report deficiencies in internal control, such as lack of segregation of duties can leave a firm vulnerable. This course will discuss the audit procedures that should be performed in accordance AU-240 as recently amended, best practices in performing fraud risk assessment procedures, when and how to report control deficiencies noted in an audit and the most frequent types of fraud found in small to mid-size entities along with internal controls that could be implemented to help prevent and detect them. We will take a look at various cyber fraud schemes and how they might be prevented/detected, at the use of analytics as fraud risk procedures, and at assessing the risk of fraud in a Single Audit. This course features case studies.


  • Understand the drivers of fraud risk in a financial statement audit
  • Conduct procedures required by professional literature to assess the risk of fraud
  • Develop discussion points to review with management and those charged with governance
  • Identify the main types of fraud that occur in small to mid-size companies and develop internal controls to be responsive to those risks
  • Evaluate fraud case examples and identify how fraud occurred and how it could have been prevented or detected


Designed For

CPAs in either public or private practice with accounting, financial reporting, or attest responsibilities


  • Fraud landscape in the United States
  • Fraud risk procedures as updated by recently issued standards
  • Most likely fraud types found in small to midsize entities
  • Internal controls to prevent and detect fraud
  • What to do when fraud or suspected fraud is identified
  • Case studies based on recent frauds
  • Cyber fraud schemes and how to prevent/detect them
  • Analytics that can be used as fraud risk procedures
  • Assessing the risk of grant fraud in a Single Audit 

This event is currently not available for registration. If you have any questions, please give us a call at 405-841-3800 or email us at cpe@oscpa.com.


Marci Thomas

Marci Thomas, CPA, MHA, is an author and discussion leader for Loscalzo Associates Ltd. Ms. Thomas is a principal and director of quality control for Metcalf-Davis, a CPA firm in Atlanta. She is also a clinical assistant professor at the University of North Carolina at Chapel Hill where she teaches Healthcare Consulting, Governance and Internal Control. Ms. Thomas also works with accounting firms, performing quality control and efficiency reviews. She works with nonprofit boards on strategic planning and governance issues. From 1986 through 1999 and again in 2005, Ms. Thomas worked for Deloitte, primarily in the accounting and advisory services department. Most recently, she was Director in Deloitte Consulting in strategy and operations practice in the Atlanta office. Marci specializes in working with not-for-profit organizations including those in the healthcare and higher education arenas. In addition to those areas she is also a nationally recognized author and speaker on OMB Circular A-133 and Governance.

Register for this course