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M2001 - The Audit Fraud Triangle: Putting theory into practice

  • 23 Jan 2020
  • 13:30 - 16:45
  • TTC

Registration


Registration is closed
Registration Time: 13.15
Sessions Time: 13.30 - 16.45 including a 15-minute coffee break
Speaker: Mr Paul Spiteri
Venue: Lower Ground, Tower Training Centre, Swatar
Participation Fees
MIA Members: €40.00
Non-MIA Members: €75.00
Retired Members: €20.00
Students: €30.00

Background Information

he primary responsibility for the prevention and detection of fraud has always been that of management and those charged with governance. However, the auditor would still have predetermined responsibilities to reduce the risk of misstatement in the financial statements due to fraud or error to an acceptably low level as defined by ISA 240 - The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. In this respect, it is crucial that the auditor obtains a thorough understanding of the entity and its environment as per guidance provided by ISA 315. It is crucial for an auditor to consider the circumstances which may result in fraud as put forward by the Audit Fraud Triangle.

Objectives of the session

To understand the various types of fraud and the conditions that are generally present when there are material misstatements in the financial statements as a result
- Clearly establishing the difference in roles for fraud detection and prevention between management and the auditor in charge
- Analyzing the importance of obtaining an understanding of the entity, especially at the planning stage of an audit
- Understanding the importance of the strength of an entity's internal controls

Topics on the agenda

- The various types of fraud
- Characteristics of fraud: Intentional vs. Unintentional
- The Audit Fraud Triangle: Analyzing the various conditions which may be present for fraud to occur
- Potential Problems arising from Attitudes/Rationalization
- The applicability of: ISA 315 - Identifying the risks of material misstatement through understanding the entity and its environment
- Responsibilities of the auditor as defined by: ISA 240 - The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
- Consideration of case scenarios in different types of business environments where fraud risk factors may be present
- The importance of the strength of an entity's internal controls
- Misappropriation of assets vs. Fraudulent financial reporting
- A closer look at high profile scandals

Target audience

Certified Public Accountants offering corporate services to third parties and individuals who work in a managerial role.

Speaker's Profile

Paul graduated as a qualified accountant from the University of Malta in 2015, and is an Associate of the Malta Institute of Accountants. He is also a Certified Public Accountant and holds a practicing certificate in auditing.
Paul joined Nexia BT in 2011, during his university studies, in which period he started to gain significant experience in auditing various companies in various sectors and has also worked in the consultancy department.
He currently works as a Group Financial Controller with an established firm in the construction industry.
Paul also holds a Diploma in Insurance Accounting and Auditing.

EVENT CPE COMPETENCES

3 Hours Core 

TERMS AND CONDITIONS

Terms and conditions apply

DISCLAIMER

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