Fraud Considerations relating to Financial Statements

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Discussing the need to be alert to the occurrence of fraud in financial statements.


By the end of this event the attendee should:  

  • Understand the implications of fraud on the auditor’s work;
  • Understand the expectation gap that exists in practice;
  • Understand ISA 240 in a nutshell plus its relationship to ISA 315 and ISA 330. 
  • Understand important fraud considerations: 
    • Who has the primary responsibility for the prevention and detection of fraud?  
    • The importance of applying professional skepticism and exercising professional judgment; 
    • The auditor’s responsibilities to identify, assess and respond to the risks of material misstatement due to fraud; 
    • The auditor’s considerations to respond to identified risks of material misstatement due to fraud, when there is a fraud investigation in progress; 
    • The use of forensic experts during fraud discussions, fraud inquiries and the execution of the audit, when specific factors are identified; and 
  • Get guidance and examples to assist in the application of auditing standards including practical tips and fraud interview techniques.


The perpetration of fraud, causing material misstatements in the financial statements and/or non-compliance with laws and regulations, has become more prevalent at entities in South Africa over the past few years.  

Accountants and financial managers need to be alert to the possibility of fraud relating to the financial statements and preparing them for auditors and registered auditors are required to be alert to the possibility of fraud, thereby enabling them to respond appropriately. IRBA have issued a Staff Audit Practice Alert to provide auditors with implementation guidance in responding to the risks of material misstatements due to fraud and/or non-compliance with laws and regulations.  

During this webinar we will highlight key areas of focus in the current environment when undertaking procedures relating to, and concluding on fraud considerations in accordance with the International Standards on Auditing.  It is helpful for the accountant to understand the auditor’s responsibilities in relation to fraud, as well as any modifications made to the auditor’s audit approach in respect of any responses related to fraud. 


The following pricing apply:
Ad hoc: R475.00
Subscription: N/A.


Study Unit 1

Introduction to fraud considerations.

  • The implications of fraud on the auditor’s work.
  • The expectation gap that exists in practice.
Study Unit 2

ISA 240 in a nutshell.How ISA 240 expands on the application of ISA 315 and ISA 330.

Study Unit 3

Specific considerations:

  • Primary responsibility for prevention and detection of fraud.
  • Professional skepticism:
    • Fostering professional skepticism.
    • 7 critical things that enhance professional skepticism abilities.
  • How to document professional judgment.
  • Identifying, assessing and responding to material misstatement risk due to fraud:
    • Examples of Fraud Risk factors.
    • Identification and assessment of risks.
    • Examples of fraud schemes in Revenue Recognition.
    • Considerations on the use of a forensic expert.
    • Responding to assessed risks.
    • Characteristics that may be indicative of fraudulent transactions.
  • Auditor’s considerations when there is a fraud investigation in progress.
  • Use of forensic experts when specific factors are identified.
  • Auditing standards application:
    • Guidance and examples.
    • Forensic interview techniques.
Study Unit 4

The effect of fraud on the auditor’s report.


There are no preconditions for this course.
Moderate level.
Recorded webinar made available on a specified date


Lettie Janse van Vuuren CA(SA), RA  

Lettie is a Chartered Accountant, Registered Auditor, as well as an Assessor and Moderator. She joined SA Accounting Academy in November 2017 as Head of Technical. As a professional trainer and webinar host, she is able to hold the attention of an audience with her relaxed and humorous presentation style.  She has a unique ability to communicate with delegates at their respective levels of knowledge and experience.  Over the last 20 years, she has trained thousands of partners, managers, trainee accountants and other professionals.  

She is responsible for researching, compiling and presenting the SAIBA QUICK UPDATE SUBSCRIPTION PACKAGE.


By attending this webinar, you will be provided with:
– Summarised slide presentation.
– Reference documents and / or course material where available.
– Access to a technical knowledge base.
– Recorded webinar that includes an expert presenter and participant interaction.

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