Practical Guide To Fraud including Cash, Inventory & General Frauds (Latest)

  • Accountant
  • CPA (CA)
  • CRMA
  • CPA/CFF
  • CFE
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
  • CBA/MCBA
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

In this 8 hour CPE webinar, Mark Dauberman will explain a defined methodology with a step-by-step approach to fraud risk identification for asset misappropriation schemes and identifying the signs that may be indicators of fraud and the controls that may be effective for prevention. This online fraud CPE webinar will explore the ways inventory fraud may be committed and both common controls intended to prevent them as well as unconventional controls that may prove more effective when it comes to fraud prevention. The discussions will show how to incorporate the methodology into the planning stage of the audit. 

Session 1- FRAUD ESSENTIALS

For decades, the Association of Certified Fraud Examiners has been estimating the amount that entities lose to fraud on an annual basis.  In their “Report to the Nations – 2020 Global Study on Occupational Fraud and Abuse”, it estimates that entities lose roughly 5% of their revenues to fraud, comparable to findings in earlier years.  Despite endless studies on why and how it occurs, the creation of systems or controls to prevent it, and the development of internal reports to detect it, fraud continues to be a problem.

While many agree that it is a problem that will probably never be solved, there are approaches that may be more effective at mitigating it. This course looks at the profiles of the various types of fraud perpetrators, how it is committed, and the conditions under which it is likely to be successful.

This knowledge enables those responsible for the prevention or detection of fraud to establish different types of controls that will be more effective for different types of perpetrators, develop processes that make committing fraud more difficult, and modify the environment to avoid conditions that contribute to the success of fraudulent acts.

Any solution will involve the development of internal control activities, but it must be understood that conventional controls are rarely effective at fraud prevention. This course will identify the characteristics of controls that are more likely to be effective and provide examples of unconventional controls that have proven to be effective.

This online CPE webinar covers the following key topics:

  • Who commits fraud?
  • How is it done?
  • Why do they do it?
  • What can we do to prevent or detect it?


Session 2- FRAUD PERPETRATORS AND HOW TO PREPARE FOR THEM

Fraud is an insidious crime. Commonly defined, fraud is an act in which attempts are made to deceive with promises of goods, services, or financial benefits that do not exist, were never intended to be provided, or were misrepresented. And each year, tens of millions of people fall prey to fraudulent schemes and practices. While conventional internal controls are rarely effective for preventing fraud, some less conventional controls have proven effective.  One size, however, does not fit all.  There are several different types of “typical” fraud perpetrators who commit fraud for different reasons, perform their fraudulent acts in different manners, and have different views on how their acts can be rationalized.

This course will profile 4 types of typical fraud perpetrators, and how the three characteristics of the fraud triangle, reason, opportunity, and rationalization, apply to each.  We will then use this information to develop a fraud prevention strategy for each. The strategies will be used to develop specific controls and to describe the characteristics of controls more likely to be effective than others.

This online CPE webinar covers the following key topics:

  • The fraud triangle – the characteristics of fraud
  • Profiles of typical fraud perpetrators
  • Fitting the fraud triangle to the profiles
  • Characteristics of preventive controls
  • Developing preventive controls


Session 3- PREVENT & DETECT CASH FRAUD

Revenue and cash receipts are two critical areas that require strong controls to prevent intentional fraud or unintentional misstatements. While there is well-publicized fraud in these areas in larger companies, it also occurs, and can even be more likely to occur, in smaller businesses and not-for-profit entities. A sound system of internal control is needed to help prevent fraudulent activities and reporting related to the revenue and cash receipts cycle. 

According to the 2020 Report to the Nations, published by the ACFE, three of the five asset misappropriation schemes presenting the greatest risk involve the misappropriation of cash.  They are:

  • Check and payment tampering
  • Cash larceny
  • Payroll

A deficiency in internal control that prevents an entity from protecting its cash is putting that entity’s existence into jeopardy.  It is the management’s responsibility to develop, implement, and maintain controls to protect the entity’s assets from misappropriation as well as to otherwise achieve management objectives.  In addition, regardless of the actual relationship or the service performed by a CPA for a client, in many cases, a client will hold the CPA responsible for the detection of fraud, and many even hold the CPA liable for fraud subsequently detected by others.

This Online CPE course describes the most common types of fraud schemes used to misappropriate cash, including 

  • How Frauds are committed
  • The conditions under which frauds will be successful
  • The impact on various financial statement components  
  • Identifying the signs that may be indicators of fraud and the controls that may be effective for prevention.


Session 4-PREVENTING & DETECTING INVENTORY FRAUD

Inventory is one of the biggest assets on a manufacturer’s balance sheet. It’s also one of the hardest assets to measure and track. Thousands of transactions flow through the inventory account each year — and many of these journal entries require subjective estimates, such as overhead allocations, write-offs, and valuation adjustments. In addition, many employees have direct daily access to inventory or inventory accounting records, providing an ongoing temptation to steal or cook the books. The retail industry estimates shoplifting losses at roughly $50 billion per year.  Meanwhile, the ACFE estimates that 8% of occupational fraud involves the purchasing or warehousing and custody of inventory.  With a total of $4.5 trillion, or 5% of GDP lost to occupational fraud, this is an additional $360 billion for a total of over $400 billion lost to inventory-related fraud each year.

Inventory fraud can occur during the acquisition, storage, manufacture, or sale of inventory. Unanticipated inventory shortages due to theft, overpayment for inventory due to collusion with a supplier, and over-ordering inventory due to a conflict of interest can have a devastating effect on a business and maybe the difference between success and failure. The examples mentioned above are only a few of the many schemes related to inventory fraud.  It is incumbent on management to protect inventory and to make certain that goods conforming to the entity’s needs are acquired at reasonable prices and are used as intended to avoid a competitive disadvantage.

In addition, we will also discuss information from which expectations can be derived to develop analytical procedures and management reports useful for detection.

Cases involving inventory losses will be used to highlight various schemes and controls.

Learning Objectives

  • To recall the components of the COSO model of internal control and how they interact to prevent and detect fraud.
  • To recognize various ways for identifying vulnerabilities to fraud and finding the types of fraud preventive techniques that may be effective.
  • To recognize how the fraud triangle is applicable to the different fraudsters
  • To identify methods of creating an anti-fraud culture
  • To recognize different fraud schemes involving cash and the risk of each occurring

Recommended For

  • This online CPE Course is recommended for CPAs, Auditors, and Internal control professionals interested in preventing and detecting fraud
  • This Online ACFE Approved CPE Credit course is for CFE Involved with Fraud Detection and Investigation
  • This Online CPE Course is IIA Approved for CIA and All other designation of IIA.

Who Should Attend?

  • Accountant
  • Accounting and audit managers/practitioners
  • Accounting Managers
  • Accounts Director
  • Auditors
  • Certified Fraud Examiner
  • Certified Management Accountant (CMA)
  • Certified Valuation Analysts
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Entrepreneurial Accountant
  • Forensic Auditor
  • Fraud & Forensic Auditor
  • Fraud Analyst
  • Fraud Detection Specialist
  • Fraud Examiner
  • Fraud Investigator
  • Senior Accountant
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 8 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 8 CPE Credit for Internal Audit Practitioner (IAP)
  • 8 CPD Credit for Chartered Professional Accountant (CPA Canada)
  • 8 CPE Credit of Fraud for Certified Valuation Analyst (CVA)
  • 8 CPE Credit of Fraud for Certified Valuation Analyst (CVA)
  • 8 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 8 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 8 CPE Credit for Certified Management Accountants (CMA)
  • 8 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)
  • 8 CPD Credit for Certified Financial Forensics (CFF)
  • 8 CRE Credit for Certified Financial Examiner (CFE)
  • 8 CPE Credit for Certification in Risk Management Assurance (CRMA)
  • 8 CPE Credit of Fraud for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 8 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 8 CE Credit for Certified Wealth Strategist (CWS)
  • 8 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    8
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Mark Dauberman, CPA (US)

Owner, Mark Dauberman

Mark provides CPE and technical staff training for CPA firms, private industry, state CPA societies, and government organizations.  His topics include accounting, SSARS, ethics, fraud, internal and external auditing, internal control development (COSO), entrepreneurship, and developing a business plan.  Mark is in the process of initiating a new entity, The Internal Control Institute, which will be offering CPE and staff training related to internal controls, and in conjunction with professors from Claremont Graduate University, will be providing internal control consulting.

Mark is also an expert witness in the defense of CPAs in cases involving primarily ethics, fraud, and compliance with standards in the performance of professional services.

Mark also provides consulting services to CPA firms with an A & A practice that do not have an expert on GAAP or requirements of Professional Standards within the firm.  He addresses such matters as conformity with GAAP, adequacy of disclosures, compliance with professional standards, risk assessment, development and performance of audit and review processes, engagement documentation, compilation and preparation engagements, ethics and independence requirements, assessing and enhancing internal controls for the firm and clients, preparation for peer review, and staff training and CPE.  He also provides consulting services related to client management and marketing.

Mark’s public accounting experience includes working with Kenneth Leventhal & Company and more recently, he was a partner at NSBN, a Beverly Hills CPA and business consulting firm. Mark’s industry experience includes serving as assistant controller of a large trucking and warehousing firm along with controller and Vice President of Finance and Administration for major real estate development companies.  Mark also spent nearly 30 years as an entrepreneur, operating a company that prepared individuals for the CPA exam nationwide.

Mark has been involved in accounting education at CSU Northridge, CSU San Bernardino, Loyola Marymount University and UCLA.  He obtained his bachelor’s degree in accounting from CSU Northridge. He obtained his Executive MBA at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he previously had been a student of Dr. Drucker’s.  He also obtained an Internal Control Certificate from COSO.  Until recently, he authored “Knowledge Based Preparation, Compilation, and Review Engagements” for CCH and updated their checklists for SSARS engagements.  He also served as Senior Editor for Roger CPA Review.

About Company

Mark Dauberman

www.markdauberman.com

Mark Currently provides CPE and technical staff training for CPA firms, private industry employers of accountants, and government organizations on topics that include accounting, compilation and review, fraud, internal and external auditing, developing internal controls, strategic planning, and practice management.  He is also the Senior Editor for Roger CPA Review Course and authors CCH’s “Knowledge-Based Compilations and Reviews”.

Mark’s public accounting experience includes working with various local firms throughout high school and college, and employment with Kenneth Leventhal & Company. More recently, he was a partner at NSBN, a Beverly Hills CPA and business consulting firm, where he served as director of the audit practice and was responsible for recruiting, training, business development, quality control, and strategic planning for the firm. Mark’s industry experience includes serving as assistant controller of a large trucking and warehousing firm. He has been both a controller and the Vice President of Finance and Administration for major real estate development companies.  Mark also spent nearly 30 years as an entrepreneur, operating a business that prepared individuals for the CPA exam.

Mark taught his first university accounting class in 1969 and has been involved in accounting education since, most recently a visiting lecturer at California State University at San Bernardino.

Mark obtained his bachelor’s degree in accounting from California State University at Northridge. He obtained his Executive MBA at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he previously had been a student of Dr. Drucker’s.

Faq

FAQs content

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Ratings and Review

4.2

59 Ratings

Excellent

25

Very Good

26

Average

6

Poor

1

Terrible

1

CE

Craig Enos, CPA/ABV, CPA/CFF, CPA (US)

May 12th, 2021

Great material...I just wish I knew that the 8 hour course was a combination of shorter courses - a lot of stores told 2, 3, 4 times. Mark does an amazing job!

AM

Amy Mccoy, CPA (US)

Dec 31st, 2021

I am really enjoying the format of my CPE. I am a new member and like the ease of being able to watch these courses from my phone.

LR

Lisa Rastetter, Others

Jul 1st, 2021

Instructor was very clear and made the information relatable. There was some repetition over the 8 hour session.

TM

Tara Monico, CPA (US), SHRM - CP

Jan 27th, 2022

The materials provided only covered the first two hours of the eight hour webinar. I felt there was repeating. And the webinar went even longer than the 8 hours allocated for it.

Practical Guide To Fraud including Cash, Inventory & General Frauds (Latest)

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8 Credits

Subject Area

Auditing

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