Skip to main content
Live Webcast Replay

SAS No. 122, AU 240, Consideration of Fraud in a Financial Statement Audit


Total Credits: 3 including 3 Auditing- Technical

Average Rating:
   15
Categories:
Accounting and Auditing |  ACPEN Industry Institute
Faculty:
Dennis F. Dycus, CFE, CPA, CGFM
Course Levels:
Intermediate
Duration:
3 Hours
License:
Product Setting: Expires 30 day(s) after program date.

Dates
Please Note: Programs with a ☾ insignia begin after 5pm or air on the weekend.


Description

When performing a financial statement audit, auditors have always been responsible for the detection of anything that would cause a material misstatement of the financial statements whether caused by error of fraud.  However, in the past the audit profession focused on material misstatements due to errors and more or less ignored the possibility of misstatements due to fraud.  Now, SAS No. 122, AU 240 requires significant documentation as to what the auditor did in order to determine if there any material risk of a misstatement of the financial statements.  This presentation is an overview of what the auditor is to document in there working papers on every financial audit as to the procedures they performed in order to determine the risk of a material misstatement.  If a material risk is discovered, they are then required to document what they did in order to determine if the financial statements were misstated.

Basic Course Information

Learning Objectives
  • Understand the concept of materiality, both quantitively and qualitatively
  • Develop and maintain professional skepticism throughout the audit
  • Examine supporting documentation with a questioning attitude
  • Discuss the danger of making assumptions
  • Assess the risk of familiarity related to anticipation when dealing with a repeat client
  • Relate what is real vs perception

Major Subjects
  • The importance of professional skepticism
  • The dangers of making assumptions
  • How to listen and understanding the answer to a question
  • Why it is important to leave all of your expectations at home
  • Anticipation and why it’s so dangerous
  • Determining materiality
  • The fraud triangle
  • Thinking about, given a set of circumstances, how you would steal
  • Management and the Tone At the Top

Course Materials

Faculty

Dennis F. Dycus, CFE, CPA, CGFM's Profile

Dennis F. Dycus, CFE, CPA, CGFM Related Seminars and Products


Mr. Dennis F. Dycus, CFE, CPA, CGFM, presently serves as the Director of the Division of Municipal Audit for the Office of the Comptroller of the Treasury, State of Tennessee. The Division is responsible for the annual audit of all municipalities, utility districts, school activity and cafeteria funds, housing authorities, certain not-for-profit organizations and other quasi-governmental entities in the State of Tennessee. In addition, the Divisions staff conducts numerous audits for fraud, waste and abuse each year.

From the beginning of his career with a national accounting firm, through the last 37 years of involvement with the audits of all forms of governmental entities, he brings a wealth of practical experience to his presentations. A graduate of Western Kentucky University, Mr. Dycus is a frequent guest speaker/lecturer for various college business/accounting classes, professional associations, local, state and national conferences and not-for-profit organizations. In 1996, the Eta Omicron Chapter of Beta Alpha Psi presented him with the Distinguished Alumnus Award in recognition of his support of the WKU Accounting Department.

A 1986 graduate of the Tennessee Government Executive Institute, Mr. Dycus is an active member of the American Institute of Certified Public Accountants where he previously served on the Members in Government Committee, the Ad Hoc CPE Curriculum Task Force on Government and the National CPE Curriculum Subcommittee. He is also a member of the Tennessee Society of Certified Public Accountants, the Association of Government Accountants, where he previously served as chapter president; the Government Finance Officers Association, and the Association of Certified Fraud Examiners, where he also served as chapter president and is a former member of both the Associations Board of Regent and ACFE Foundation as well as a member of their instructor faculty on a national basis. In June, 2005, the Middle Tennessee Chapter honored him with the designation of president emeritus in recognition of his longstanding contributions to the chapter.

For the last several years, Mr. Dycus has developed and/or conducted training programs in all fifty states, Puerto Rico, Guam, Canada and Europe, for organizations such as the Association of Certified Fraud Examiners; the American Institute of Certified Public Accountants; numerous state CPA societies; the Government Finance Officers Association; the Association of Government Accountants; the National Association of State Auditors, Comptrollers and Treasurers; Westcott Communications, Inc.; the Organization for Security and Co-Operation in Europe; New York Presbyterian Hospital; IBM; HCA; NYC Presbyterian Hospital, Saturn, Inc.; the US Department of Labor; the Government Accountability Office; the Internal Revenue Service; Bisk Education, Inc.; Nichols Education, Inc.; numerous state audit organizations and individual professional firms. He is a frequent speaker at various professional conferences, both on a local and national level.

In 1989 and again in 1997, he was the recipient of the AGA's, National Education and Training Award and has been presented with several Outstanding Discussion Leader Awards by both the Tennessee and Florida Societies of Certified Public Accountants. In 1998 he was honored with the Association of Certified Fraud Examiners, Distinguished Achievement Award for his meritorious service in the detection and deterrence of fraud and in 2001 was one of only three individuals to receive the designation as a Fellow of the Association of Certified Fraud Examiners in recognition for his contribution to expanding the Associations body of knowledge toward the detection of fraud. In 2003 he was the recipient of the Tennessee Society of CPAs first ever, Outstanding CPA in Government Award and in 2004 received the Association of Certified Fraud Examiners Outstanding CFE in Government Award. In 2009 he was recognized as a Friend of the Association by the Tennessee Association of Utility Districts for his contribution to the utility industry in Tennessee. This was only the second such recognition the association had made in its 52 year history.

In addition, he has authored articles on auditing for fraud for national publications.


Dates

Tue, Feb 27, 2024 - 10:00am to 01:30pm MST
Sat, Mar 02, 2024 - 09:00am to 12:30pm MST
Mon, Mar 11, 2024 - 12:00pm to 03:30pm MDT
Fri, Mar 22, 2024 - 02:00pm to 05:30pm MDT
Mon, Apr 08, 2024 - 08:00am to 11:30am MDT
Tue, Apr 16, 2024 - 04:00pm to 07:30pm MDT
Thu, May 02, 2024 - 12:00pm to 03:30pm MDT
Wed, May 15, 2024 - 02:00pm to 05:30pm MDT
Mon, Jun 10, 2024 - 08:00am to 11:30am MDT
Sat, Jun 15, 2024 - 09:00am to 12:30pm MDT
Mon, Jun 17, 2024 - 10:00am to 01:30pm MDT
Fri, Jun 28, 2024 - 12:00pm to 03:30pm MDT
Tue, Jul 02, 2024 - 04:00pm to 07:30pm MDT
Mon, Jul 15, 2024 - 08:00am to 11:30am MDT
Sat, Aug 10, 2024 - 09:00am to 12:30pm MDT
Wed, Aug 14, 2024 - 10:00am to 01:30pm MDT
Tue, Aug 27, 2024 - 12:00pm to 03:30pm MDT
Tue, Sep 10, 2024 - 04:00pm to 07:30pm MDT
Wed, Sep 18, 2024 - 08:00am to 11:30am MDT
Wed, Oct 02, 2024 - 10:00am to 01:30pm MDT
Tue, Oct 15, 2024 - 12:00pm to 03:30pm MDT
Thu, Nov 07, 2024 - 02:00pm to 05:30pm MST
Fri, Nov 22, 2024 - 08:00am to 11:30am MST
Thu, Dec 05, 2024 - 04:00pm to 07:30pm MST
Fri, Dec 13, 2024 - 12:00pm to 03:30pm MST
Sat, Dec 14, 2024 - 09:00am to 12:30pm MST
Mon, Dec 30, 2024 - 02:00pm to 05:30pm MST
Thu, Jan 09, 2025 - 01:00pm to 04:30pm MST
Wed, Jan 22, 2025 - 03:00pm to 06:30pm MST
Sat, Feb 01, 2025 - 07:00am to 10:30am MST
Thu, Feb 13, 2025 - 05:00pm to 08:30pm MST
Mon, Feb 24, 2025 - 09:00am to 12:30pm MST
Fri, Mar 07, 2025 - 11:00am to 02:30pm MST
Thu, Mar 20, 2025 - 01:00pm to 04:30pm MDT
Sat, Apr 05, 2025 - 03:00pm to 06:30pm MDT
Tue, Apr 29, 2025 - 07:00am to 10:30am MDT
Fri, May 09, 2025 - 09:00am to 12:30pm MDT
Thu, May 22, 2025 - 11:00am to 02:30pm MDT
Thu, Jun 05, 2025 - 05:00pm to 08:30pm MDT
Sat, Jun 14, 2025 - 03:00pm to 06:30pm MDT
Mon, Jun 23, 2025 - 07:00am to 10:30am MDT

Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Designed For

External and Internal Auditors


Original Recording Date 10/2022
Course Developer Dennis F. Dycus
Date Added to Catalog 09/20/2022
Yellow Book No

Additional Information

Complaint Resolution Policy

Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199). 


Official Registry Statement

Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org


Instructional Delivery Method

Group Internet Based


Course Registration Requirements

Online Registration


Refund/Cancellation Policy

Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer. 


Promo Video

Reviews

5
4
3
2
1

Overall:      4.9

Total Reviews: 15

Comments

Peter D

"Very interesting presenter. Good style, kept it interesting."

John J

"Good Course. "

Michael T

"Great instructor! "

Daniel P - Coral Gables, Florida

"Good class "