SA 240 - Auditors Responsibility relating to Fraud
Focuses on the auditor’s role in identifying and responding to risks of material misstatement due to fraud. It emphasizes professional skepticism, understanding fraud risk factors, evaluating management override of controls, and designing procedures to detect intentional misstatements. The standard reinforces the need for heightened vigilance, robust inquiry, and persuasive audit evidence in areas susceptible to manipulation.
FREE
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Course Overview
This course provides a focused exploration of the auditor’s responsibilities in identifying and addressing fraud risks in a financial statement audit. It examines how fraud differs from error, why traditional audit procedures may fail to detect intentional misstatements, and how auditors can apply heightened professional skepticism in high-risk situations. Participants will understand fraud risk factors, pressures and incentives, opportunities created by weak controls, and behavioral indicators that may signal manipulation.
The program emphasizes the critical risk of management override of controls, the use of unpredictable audit procedures, and the evaluation of accounting estimates, journal entries, and unusual transactions. It also highlights communication responsibilities, documentation expectations, and the importance of maintaining an alert mindset throughout the engagement. Overall, the course equips auditors to design and perform procedures that are robust enough to respond to deliberate attempts to misstate financial information while remaining efficient and defensible.
Schedule of Classes
Course Curriculum
1 Subject
SA 240 Fraud and Professional Skepticism
6 Learning Materials
Assessment SA 240
Introduction to SA 240 and Agenda
Introduction and Agenda
Auditor's Objectives
Auditors Objectives
Fraud and Fraud risk factors
Fraud and Fraud risk factors
Audit procedures prescribed by SA 240
Audit Procedures by SA 240
Audit evidence and responses to fraud risk
Audit evidence and responses to fraud risk
Communication and Documentation
Communication and Documentation
Course Instructor
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Archana Warty
2 Courses • 456 Students
- Archana is the Founder of Amplyft, who is a results-driven training and development professional with more than 22 years of corporate experience working in India and Europe
- She is a Chartered Accountant by profession, having more than 8 years of experience leading the pan India Assurance Technical Training function at S R Batliboi & Co
- She has delivered more than 8000+ hours of training as a facilitator between 2011 to 2023. She has facilitated various technical training programs including Auditing Standards, Accounting Standards, Companies Act, Internal Financial Controls etc
- Practicing Coach certified by Coach for Life and Certified trainer on Social Styles by Tracom
- More than 10 years of experience in auditing companies in varied industries resulting in a very strong understanding of business requirements for employee trainings.
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