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Webcast: The Most Common Financial Statement and Asset Fraud Schemes: How to Detect (WBTTFS115)
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5/20/2015
When: 05/20/2015
12:00 PM until 3:30 PM
Where: Webcast
Presenter: Glenn L. Helms, Ph.D., CPA, CISA, CIA, CFF, CITP


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Registration Fees
Members $149
Non-Members $199

CPE: 4 hours
Level: Intermediate
Vendor: AICPA
Category: Accounting & Auditing
Prerequisites: Experience in accounting and reporting
Advanced prep: None

Who should attend: Business owners, managers, supervisors, employees, accountants and auditors

Many costly fraudulent schemes have occurred repeatedly throughout the past several decades. Why do these material fraud schemes continue to succeed? Is this due to failures of properly designed internal controls? Could the internal controls be adequate but not complied with? This course provides descriptions of how the most common types of financial statement and misappropriation of asset fraud schemes are detected. Cost-effective internal controls that can be implemented to prevent these schemes are provided. Classic and contemporary real-world fraud cases are reviewed in detail to reinforce how these schemes are perpetrated-both due to internal control failures and other factors. Red flags that might possibly be indicative of these fraud schemes are addressed.


Objectives
Upon completion of this course, participants will be able to:

• Identify the schemes used to misstate revenue, inventory, asset overstatements, estimates, and other accounts;
• Recognize suspicious journal entries;
• Be familiar with the red flags associated with fraud schemes concerning revenue, inventory, asset overstatements, estimates, and other accounts;
• Employ analytical procedures to detect various types of fraud; and • Relate particular fraud schemes to landmark cases

Major Topics

• Major financial statement frauds including, among others, sales and other types of revenue, estimates, journal entries, and other accounts
• Major misappropriation of asset fraud schemes including skimming, larceny, and additional schemes that occur in inventory, payables, and other accounts
• Review of landmark cases where the fraud scheme(s) occurred: , WorldCom, Phar-Mor, McKesson and Robbins, Waste Management, MiniScribe, Mattel, Inc. Stew Leonard, and others

 

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