Practical Guide Fraud 2020: Including Cash, Inventory & General Frauds 8 Credits 8 Credits
Learning mode
In this 8 hour session, 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 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.
Major Topics Covered :
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.
Major Topics Covered :
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:
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 course describes the most common types of fraud schemes used to misappropriate cash, including
Session 4-PREVENTING & DETECTING INVENTORY FRAUD
| License details | Credits | Status |
|---|---|---|
| Certified Public Accountants (CPA-US) | 8 CPE | Approved |
| CPA in Canada | 8 CPD | Eligible |
| Certified Internal Auditors (CIA) | 8 CPE | Eligible |
| Certified Management Accountants (CMA) | 8 CPE | Eligible |
| Internal Audit Practitioner (IAP) | 8 CPE | Eligible |
| Certified Wealth Strategist (CWS) | 8 CE | Eligible |
| Certification in Risk Management Assurance (CRMA) | 8 CPE | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 8 CE | Eligible |
| Certified Financial Forensics (CFF) | 8 CPD | Eligible |
| Qualification in Internal Audit Leadership (QIAL) | 8 CPE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Certified Public Accountants (CPA-US) | 8 CPE | Approved |
| CPA in Canada | 8 CPD | Eligible |
| Certified Internal Auditors (CIA) | 8 CPE | Eligible |
| Certified Management Accountants (CMA) | 8 CPE | Eligible |
| Internal Audit Practitioner (IAP) | 8 CPE | Eligible |
| Certified Wealth Strategist (CWS) | 8 CE | Eligible |
| Certification in Risk Management Assurance (CRMA) | 8 CPE | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 8 CE | Eligible |
| Certified Financial Forensics (CFF) | 8 CPD | Eligible |
| Qualification in Internal Audit Leadership (QIAL) | 8 CPE | Eligible |
Credits
8
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
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.
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.
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To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.
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After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
How are credits reported to governing bodies?
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
CE
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!
EE
Great content. Just polling questions were repeated multiple times. I had a question that I answered at least 3 times during the course.
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