Date

Thursday 22 April 2021

Time

2:30 pm

Duration

1.5 CPD hours

Session Topic

Checking on fraud-risk assessment

Fraud and non-compliance with laws and regulations are ever-present common business and audit risks that need to be managed.  Many boards and management lack a basic understanding of prevention and detection controls that can significantly reduce risks.  They often rely on external auditors to detect them, a misplaced strategy.  Let’s look at how to manage them.

This session will:

  • Recap the key responsibility under ASA 240 The Auditor’s Responsibilities Relating to Fraud in Audit of Financial Report and ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report
  • Review new guidance on the application of professional standards to whistleblowing
  • Discuss examples of recent frauds and NOCLAR and how they can be avoided and detected
  • Look at the revised ASX ‘Corporate Principles and Recommendations’ – Principle 3 Instil a culture of acting lawfully, ethically and responsibly, and
  • Discuss what should be in your fraud checklist.
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This session is presented by:

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board. He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.

 

Stephen Newman

Executive Counsel

Stephen is a corporate lawyer with extensive litigation experience, particularly in the Supreme Court and the Federal Court as well as with police fraud squads. Stephan has advised clients on fraud and fraud related issues including the design of relevant work policies, the recovery of defrauded assets from fraudsters, the making of insurance policies, and litigation against negligent professional advisers.