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Fraud in the Financial Statements

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

Published: December, 2021

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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

  • Definition of financial statement fraud
    5 mins
  • The element of fraud
    15 mins
  • Auditor responsibilities
    25 mins
  • Small company accounting frauds
    37 mins
  • Credit card refunding
    53 mins
  • Phantom inventory scheme
    71 mins
  • Red flags for fraud
    88 mins

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

  • To identify the parts of the fraud triangle
  • To identify red flags for financial statement fraud
  • To 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
  • To identify methods for committing financial statement fraud
  • To recognize various types of fraud and how they could apply to your clients
  • To describe types of financial statement fraud and how they are committed
  • To identify the top concealment method used by fraudsters
  • To describe the three elements of fraud
  • To 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

Course Qualification

Webinar Qualifies For

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

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • 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

Dr. Robert Minniti

President, Minniti CPA LLC

Dr. Minniti is the President and Owner of Minniti CPA, LLC. Dr. Minniti is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, Master Analyst in Financial Forensics, Chartered Global Management Accountant, and is a licensed private investigator in the state of Arizona. Dr. Minniti received his doctoral degree in business administration from Walden University, received his MBA degree and Graduate Certificate in Accounting from DeVry University’s Keller Graduate School of Management, and received his Bachelor of Science in Business Administration degree from the University of Phoenix. Dr. Minniti taught graduate and undergraduate courses in forensic accounting at DeVry University, Grand Canyon University, Kaplan University, Northwestern University, and the University of Phoenix.

He designed graduate and undergraduate courses for Grand Canyon University, Northwestern University, and Anthem College. He is a writer and public speaker. He has experience in forensic accounting, fraud examinations, financial audits, internal audits, compliance audits, real estate valuations, business valuations, internal control development, business continuation planning, risk management, financial forecasting, and Sarbanes-Oxley compliance work. Dr. Minniti is an instructor teaching continuing professional education classes for the American Institute of Certified Public Accountants, Compliance Online, CPE Link/CCH . AccountingEd, Global Compliance Panel, Clear Law Institute, CPE Solutions, Canopy CPE, The Institute of Management Accountants, the National Association of Valuators and Analysts, the Association of Certified Fraud Examiners, the Institute of Internal Auditors, and various state CPA Societies.

About Company

Minniti CPA LLC

www.minniticpallc.com

MINNITI CPA LLC is seeking professional, hard-working, licensed CPAs with at least four years of experience.

The Firm demands independence, integrity, objectivity, competence and due care from all of its personnel in the conduct of its engagements. Our Firm is structured to provide leadership in achieving high quality professional performance while maintaining the concept of individual responsibility. Policies and procedures have been established providing assurance that professional engagements are properly planned and executed. Decisions are based on the substance of issues, not on form.

Our policies and procedures designate Partners of the Firm for consultation on significant ethical, technical and industry questions. The policies and procedures are designed to assure that clients receive the best professional services we can provide. We continually keep in mind the public interest. We expect our Partners and Associates to identify and resolve all important engagement issues.

The job requires high level tax preparation skills, superior tax research and problem solving abilities, broad software knowledge, and excellent written and oral communication skills. We have a team approach to provide high quality client service for tax compliance, planning, financial statements, and general business consulting.

Faq

FAQs content

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Ratings and Review

4.6

280 Ratings

Excellent

193

Very Good

74

Average

13

Poor

0

Terrible

0

PWF

Peter W Fierro, CPA (US)

Dec 3rd, 2021

As stated, this was a basic level class, so I really didn't learn much new. But the material was good, and the presenter was very good. Much appreciated that it ended right at the 100-minute mark - "Blessed are the brief, for they will be invited back..."

CC

Craig Christian, CPA (US)

Dec 6th, 2021

The instructor did a great job of presenting the information and using relevant examples to help you learn the material.

MC

Mackenzie Cotton, CFE

Dec 2nd, 2021

Speaker was great and gave very applicable examples of financial statement fraud and how to detect it

WVV

Wanda Viscount Viscount, CMA

Dec 3rd, 2021

Enjoyed this webinar, the presenter is so very knowledgeable and interesting to listen to

HA

Hammad Ahmad, CIA

Dec 3rd, 2021

My CPE is no doubt a great platform and is doing a tremendous work. Highly recommended.

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