2024 Was It Fraud or Just Poor Audit Quality?

Wednesday, June 11, 2025
Webcast or Webinar, Online
9:00 AM - 10:27AM (opens at 8:30 AM) EST
1.5Credits
Accounting and Auditing

Registration is Open

Members
$59.00 Regular Price
Non-Members
$79.00 Regular Price

CPE PowerPass Users

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$30.00 Members / $42.00 Non-Members
Course Type: Webcast
Course Code: 25/AC651813
Level: Basic
Vendor: ACPEN
Field of Study: Auditing, Accounting

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.

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

Major Topics:

  • Financial statement manipulation
  • Ethics enforcement process
  • Auditor conflicts of interest

Major Topics:

  • Financial statement manipulation
  • Ethics enforcement process
  • Auditor conflicts of interest

Designed For:

Accountants and auditors at all levels

Prerequisites:

None