Published: November, 2021
Companies of all sizes are susceptible to employee fraud including embezzlements, thefts, and misappropriations of assets as well as Financial Reporting Fraud (FRF), or “cooking the books”, in order to show a rosy picture of the company so that it appears more attractive to investors than it really is. The 2019 Association of Certified Fraud Examiners (ACFE) Report to the Nations reveals that the “typical organization loses 5% of revenues in a given year as a result of fraud, which exceeded $6.3 billion, with an average loss per case of $2.7 million”.
This can occur in situations where there are:
The existence and persistence of FRF has undermined the integrity and reliability of public financial information, eroded investor confidence, and has had detrimental effects on the safety, soundness, and efficiency of financial markets worldwide. The very viability of the business, as well as the safety of financial markets in general, are threatened when the existence and persistence of FRF go undetected. Financial reporting fraud can be detected with effective corporate governance, which includes effective anti-fraud policies and programs by the board of directors, management, and auditors. The various ways of detecting financial fraud include:
Effective anti-fraud programs, —focusing on fraud awareness and education in the workplace environment
Whistle-blowing policies and procedures of encouraging employees to report suspicious behavior without fear of reprisals
Adequate internal control procedures designed to prevent and detect fraud
Conducting surprise audits—are all examples of actions that the board of directors, management, and other corporate gatekeepers can take to significantly reduce FRF.
Please join Zabihollah (Zabi) Rezaee, noted educator, author, and speaker in this Online CPE/CPD Webinar as he discusses how anti-fraud policies, programs, and procedures should be designed to deter, prevent, and detect financial reporting fraud. Dr. Rezaee will offer insights concerning the role of forensic accounting, ethics, and corporate governance in forensic accounting education and practice, including a discussion of corporate culture, control structure, and fraud procedures designed to detect financial reporting fraud before irreparable damage has been done.
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.
Professor, The University of Memphis
Zabihollah (Zabi) Rezaee. Dr. Rezaee is the Thompson-Hill Chair of Excellence, and Professor of Accountancy at the University of Memphis and served a two-year term on the Standing Advisory Group (SAG) of the Public Company Accounting Oversight Board (PCAOB). He received his BS degree from the Iranian Institute of Advanced Accounting, his MBA from Tarleton State University in Texas, and his PhD from the University of Mississippi. Dr. Rezaee holds ten certifications, including Certified Public Accountant (CPA), Certified Fraud Examiner (CFE), Certified Management Accountant (CMA), Certified Internal Auditor (CIA), Certified Government Financial Manager (CGFM), Certified Sarbanes-Oxley Professional (CSOXP), Certified Corporate Governance Professional (CGOVP), Certified Governance Risk Compliance Professional (CGRCP), Chartered Global Management Accountant (CGMA) and Certification in Risk Management Assurance (CRMA). He served as the 2012-2014 secretary of the Forensic & Investigative Accounting (FIA) Section of the American Accounting Association (AAA) and is currently the editor of the Journal of Forensic Accounting Research (JFAR) of the AAA.
Professor Rezaee has published over 250 articles in accounting and business journals and made more than 300 presentations. He has also published 12 books: Financial Institutions, Valuations, Mergers, and Acquisitions: The Fair Value Approach; Financial Statement Fraud: Prevention and Detection; U.S. Master Auditing Guide (3rd edition); Audit Committee Oversight Effectiveness Post-Sarbanes-Oxley Act; Corporate Governance Post-Sarbanes-Oxley: Regulations, Requirements, and Integrated Processes; Corporate Governance and Business Ethics and Financial Services Firms: Governance, Regulations, Valuations, Mergers and Acquisitions; and has contributed to several other books. Several of these books are translated into other languages including Chinese, South Korean, Spanish, and Iranian. His book entitled Corporate Sustainability: Integrating Performance and Reporting, published in November 2012, won the 2013 Axiom Gold Award in the category of Business Ethics. Another book, Business Sustainability: Performance, Compliance, Accountability, and Integrated Reporting, was published by Greenleaf Publishing in October 2015. His most recent books are Business Sustainability, Corporate Governance, Organizational Ethics (Textbook). John Wiley, &Sons, October 2019, Forensic Accounting and Financial Statement Fraud, Business Expert Press, April 2019, Business Sustainability in Asia: Compliance, Performance, and Integrated Reporting and Assurance, John Wiley, March 2019, Corporate Governance in the Aftermath of the Global Financial Crisis, in four volumes, published by Business Expert Press in March 2018, and Audit Committee Formation in the Aftermath of the 2007–2009 Global Financial Crisis, in three volumes published by Business Expert Press in July 2016.
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