Thursday 28 May 2020


2:30 pm


1.5 CPD hours

Session Topic

Fraud and NOCLAR risks – a clear and present

Fraud and non-compliance with laws and regulations are 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 risks, a misplaced strategy.  Let’s look at how to manage them.

This session will:

  • Describe recent changes in the regulatory environment that strengthen asset protection, compliance, and whistleblowing
  • Provide examples of recent frauds and NOCLAR, and discuss what can be learned
  • Identify detection and prevention controls to mitigate fraud and NOCLAR risks, and
  • Discuss how to apply ASA 250 Consideration of Laws and Regulations in an Audit of a Financial Report and ASA 240 The Auditor’s Responsibilities Relating to Fraud in Audit of Financial Report to minimise audit risk.
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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.