CPE: 8 hours
Category: Accounting & Auditing
Advanced prep: None
Who should attend: CPAs responsible for preparing financial statements, fraud examiners, members of audit committee, and those who audit, review or compile financial statements.
Financial statement fraud is an ever-growing concern for businesses. This course will help you identify the top 20 methods used to falsify financial statements including overstatement of revenue, understatement of expenses, improper accounting with business combinations, underestimation of loan losses and the effect on mortgage-backed securities. Each method of fictitious financial reporting is illustrated through real-world cases, including one on the mortgage meltdown. You'll also learn how to spot the top 25 red flags that indicate financial statements may have been fraudulently prepared.
- Identify the most frequently used methods of overstating revenue.
- Determine the most common methods of understating expenses.
- Identify how business aquisitions and combinations are used to overstate earnings.
- Recognize red flags left in financial statments that may have been fraudulently prepared.
- Overstatement of revenue
- Understatement of expenses
- Improper accounting for business combinations
- Other financial statement frauds
- Underestimation of loan losses and the effect on mortgage-backed securities