Fraud continues to be at record highs. According to NASDAQ’s Global Financial Crime Report, fraud schemes and bank frauds led to global losses of over $485 billion. Four of the most cited frauds were customer fraud, cybercrime, asset misappropriation, and bribery and corruption. From global banking giants to local charities and mom-and-pop shops, no entities are immune from fraud, even from their most trusted employees and leaders. It is critical for all organizations to learn fraud detection and prevention strategies to protect themselves from becoming the next fraud victims. CPAs and internal auditors must also learn how to detect fraud schemes before it’s too late. In this course, we apply a case study approach to prepare you to spot fraud schemes that others have missed. In this quarterly fraud series, follow our Surgent team as we explore and explain the latest fraud schemes and how accounting teams can better prevent and detect them. This course is designed to keep you up to date on the latest schemes and ways to protect your clients.
Learning Objectives
- Understand the latest fraud schemes
- Recognize red flags that could have identified the fraud scheme
- Understand the safeguards and controls that the entities could have used to prevent the fraud from occurring
- Apply the fraud triangle to gain a better understanding of the scheme
Major Topics
- Review of case studies, including the SEC X account hack, the Starfish Transportation Inc. fraud, and Morgan Stanley block trading leak
- Overview of red flags signalling fraud, such as unusual trading patterns and inconsistent financial documentation
- Recommended preventative measures, including increased whistleblower protections and regular compliance training
