Fraud in the Financial Statements

CPE PACKAGES (Incl. Ethics) for Multiple States and Qualifications @ $4/credit. CLICK HERE to view.

CFF
CFE
CIA
CMA
CPA (US)
CVA
IAP
QIAL

Fraud in the Financial Statements

2 Credits

$40

Subject Area

Auditing

Webinar Qualifies For

2 CPE credit of Auditing for all CPAs

2 CPE credit for Certified Management Accountants (CMA)

2 CPE credit for Certified Internal Auditors (CIA)

2 CPE credit for Qualification in Internal Audit Leadership (QIAL)

2 CPE credit for Internal Audit Practitioner (IAP)

2 CPE credit for Certified Fraud Examiners (CFEs)

2 CPD credit (Verifiable) for CPA/CFF

2 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

According to a study conducted by the Association of Certified Fraud Examiners (ACFE), fraudulent financial statement accounts for approximately 10% of incidents concerning white collar crime. Asset misappropriation and corruption tend to occur at a much greater frequency, yet the financial impact of these latter crimes is much less severe. ACFE defines fraud as "deception or misrepresentation that an individual or entity makes knowing that the misrepresentation could result in some unauthorized benefit to the individual or to the entity or some other party." Greed and work pressure are the most common factors pushing management to deceive investors and creditors.

Financial fraud is a serious white-collar crime that often comes with heavy punishment and fines. If you are an auditor or a preparer of financial statements you need to be aware of the red flags or potential red flags for fraud in the financial statements. Other users of the financial statements including shareholders, regulators, and creditors, will also find this useful. We will discuss potential red flags for fraud in the financial statements including the types of transactions that can be used to create fraudulent financial statements.

Major topics covered in this online Auditing CPE webinar:

Fraud Losses
Definition of Fraud
Definition of Financial Statement Fraud
Predication of Fraud
The Fraud Triangle
The Elements of Fraud
Occupational Frauds
SEC Statistics: Financial Statement Restatement Issues and Leading Categories of Financial Statement Fraud
Auditor Responsibilities
Auditor Responsibilities — AS 2401
Financial Statement Fraud
Methods for Committing Financial Statement Fraud
Well Known Accounting Frauds
Small Company Accounting Frauds
Small Company Accounting Frauds
Financial Statement Frauds: Skimming, Refund Frauds, and Credit Card Refunding
Factoring Fraud
Improper Asset Valuation
Inventory Valuation Frauds
Phantom Inventory Scheme
Improper Estimates
Disclosure Issues
How it’s done
Red Flags of Fraud
Source of Tips

Learning Objectives

Identify the parts of the fraud triangle
Identify red flags for financial statement fraud
Recognize the types of fraud with the highest frequency of occurrence based on the 2016 ACFE Report
Differentiate types of occupational frauds results in the highest median loss
Identify methods for committing financial statement fraud
Recognize various types of fraud and how they could apply to your clients
Describe types of financial statement fraud and how they are committed
Identify the top concealment method used by fraudsters
Describe the three elements of fraud
Identify a type of financial statement fraud related to improper revenue recognition

Recommended For

This CPE course is recommended for CPAs, internal auditors, CIAs, external auditors, managers, CFOs and others responsible for financial statement preparation or review.
This CPE course is intended for CFEs, CFFs, Fraud Investigators, and other Fraud Examiners considering doing a fraud engagement for the first time, are new to the field, or would just like a refresher on the procedures for detecting fraud in financial statements.

Who Should Attend?

Accounting and audit managers/practitioners
CFO/Controller
CPA (Industry)
CPA - Mid Size Firm
CPA - Small Firm
Young CPA