This course is designed to present the most common types of financial statement fraud and embezzlement, illustrated through real cases and situations. We'll distinguish financial reporting fraud from misappropriation of assets and highlight common schemes involving one or both types of fraud. We'll review high-profile cases and other real-world situations to emphasize the CPA's role and responsibility. This course will also touch on updated GAAS requirements. Get ready to examine the methods used to perpetrate and disguise schemes, learn how fraud can be detected by both management and auditors, and explore the CPA's role in preventing and detecting both types of fraud.
Learning Objectives
• Identify the schemes used to misstate revenue and and other assets by manipulating estimates and judgments
• Distinguish suspicious journal entries
• Recognize simple and effective internal control procedures that any size entity can utilize to detect unusual and potentially fraudulent activity
• Apply analytical procedures to detect various types of fraud
• Compare particular fraud schemes to landmark cases
Major Topics
• Major financial statement frauds, including revenue recognition, estimates, earnings management and cut-off fraud
• Major misappropriation of asset fraud schemes, including skimming, larceny, and additional schemes that occur in within payments processing
• Review of recent cases involving the same common fraud schemes that have always existed
