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

Fraud in the Financial Statements

  • 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

Who Should Attend?

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