GAAP Consulting
Completed
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 and commercial lawyer who also has considerable litigation experience in all major Courts and Tribunals. Stephen is a team member of ReportFraud. Stephen advises a range of clients and in particular, Accountants and Auditors on issues that relate to corporate and trust entities, businesses and private clients operating in many different industries, both domestic and international. Stephen also has considerable experience in dealing with regulators and conducting the defence of investigative and enforcement action.