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Common Frauds and Internal Controls for Prevention & Detection

  • Accountant
  • CPA (CA)
  • CRMA
  • CPA/CFF
  • CFE
  • CGFM
  • CIA
  • CPA (US)
  • CVA
  • CA - ICAEW
  • IAP
  • QIAL
  • ACCA
  • MAFF
  • CTP
  • CBA/MCBA
  • CA - Ireland
  • CA - Scotland
  • CPA - Ireland
  • CFIRS
  • CWS

Published: February, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • How is it committed?
    9 mins
  • Using the knowledge narrowing focus
    19 mins
  • Applied to accounts receivable lapping
    27 mins
  • The characteristics of fraud
    43 mins
  • How do perpetrators rationalize their frauds?
    67 mins
  • Addressing specific fraud schemes
    100 mins
  • Applied to the sales process
    125 mins
  • Controls to prevent fraud
    152 mins
  • Detection of fraud
    166 mins

Course Description

“Fraud is committed by desperate people” and desperate individuals are not likely to be deterred by conventional internal controls. It is assumed by many that almost every entity is a victim of fraud and it is due purely to luck when they are not seriously hurt. Yet management is charged with the responsibility for effective and efficient operations, and for reliable financial reporting, neither of which will occur when an entity is affected by fraud.

An audit, meanwhile, is not designed to detect fraud and, unless it is particularly material, or the auditor is lucky and “trips” across it, a fraudulent act is not likely to be detected. Even Generally Accepted Auditing Standards indicate that an auditor has a very limited ability to detect fraud. One of the main reasons CPAs and other accountants often fail to detect fraud is that they are too honest. They find it difficult to think like a criminal. 

This CPE course on Auditing is designed for individuals who would like to refresh their understanding of fraud schemes and to learn how to recognize the red flags for detecting fraud. Understanding how criminals commit fraud is the first step in preventing fraud.

Properly designed controls, however, can be effective fraud deterrents. An entity with a healthy “tone at the top”, combined with meaningful hiring policies and responsible management that is observant and that maintains a positive relationship with employees will often avoid becoming a victim to fraud and is likely, as a minimum, to avoid being adversely affected in a significant way.

Similarly, auditors that obtain a meaningful understanding of a client’s internal controls, perform an effective and well-designed assessment of the risk of material misstatement due to fraud, and conducts the engagement with an appropriate level of professional skepticism is more likely to detect a material misstatement to a client’s financial statements due to fraud.

Attendees in this CPE course will explore the different profiles of fraud perpetrators, the reasons they may commit fraud, and the most likely means of preventing it.

In a 2018 PwC survey, 49% of 7,228 organizations reported that they had experienced economic crime and fraud in the prior year—up from 30% of organizations in a 2009 survey—and that more than half the perpetrators were “internal actors.”

The topic of fraud —whether it relates to awareness and prevention techniques, fraud auditing, recent fraud in corporate, or the criminal mind is continually on the radar of investors, shareholders, and regulators. Yet the execution of holistic fraud risk assessments can often be a very difficult task.

This compelling CPE/CPD webinar on auditing will focus attention on the dynamics behind what makes a fraudster tick and how to use that knowledge to recognize fraudulent behavior.

Learning Objectives

  • To analyze how to identify relevant fraud schemes.
  • To discuss the conditions necessary for a fraud scheme to be successful.
  • To identify the different types of fraud perpetrators and their motivations.
  • To establish approaches for dealing with each type of fraud perpetrator.
  • To analyze how to perform an effective risk assessment.
  • To explain how to design effective internal controls for fraud prevention.
  • To analyze techniques to improve effectiveness in detecting financial statement fraud.

Recommended For

  • This Online Continuing Professional Development (CPD) Course is good for CPA (Canada) who are interested in learning about corporate risk and its management.
  • The Online Auditing CPE webinar is for CPA, CMA, CIA, QIAL, IAP, CFE, CRMA, CISA, MAFF, CRISC, and all Other Professionals who are in the Roles of CFOs, Controllers or Any Senior Management Functions and who want to get better insights about common frauds and internal controls for the prevention & detection of such common frauds.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Annual Filing Season Program
  • Auditors
  • Bookkeepers & Accountants & Tax Preparers
  • Certified Management Accountant (CMA)
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Forensic Auditor
  • Fraud & Forensic Auditor
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 4 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 4 CPD Credit of Fraud and Risk Management for Chartered Professional Accountant (CPA Canada)
  • 4 CPE Credit of Auditing for Certification in Risk Management Assurance (CRMA)
  • 4 CPE Credit of Fraud risks for Certified Internal Auditors (CIA)
  • 4 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
  • 4 CPE Credit of Auditing for Master Analyst In Financial Forensics (MAFF)
  • 4 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 4 CE Credit for Certified Wealth Strategist (CWS)
  • 4 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
  • 4 CPD Credit for CA - ICAEW
  • 4 CPD Credit for Chartered Certified Accountants (ACCA)
  • 4 CPD Credit for Chartered Accountants - Ireland (CAI)
  • 4 CPD Credit for Chartered Accountants - Scotland
  • 4 CPD Credit for CPA - Ireland
  • 4 CPD Credit of Fraud prevention, detection and response for Certified Financial Forensics (CFF)
  • 4 CPE Credit of Fraud Risk Assessment for Certified Fraud Examiner (CFE)
  • 4 CPE Credit of Internal Controls for Certified Government Financial Manager (CGFM)
  • 4 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
  • 4 CRE Credit of Detect and mitigate fraud for Certified Treasury Professional (CTP)
  • 4 CPE Credit of Fraud for Certified Valuation Analyst (CVA)
  • 4 CPE Credit of Fraud for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)

Additional details

  • Course Level :
    Basic
  • Credits :
    4
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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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

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