The Most Common Financial Statement and Asset Fraud Schemes: How to Detect and Prevent Them (111212)
Online registrations are closed for this event. We can take your registration over the phone at 800-782-2036.
Many costly fraudulent schemes have occurred repeatedly throughout the past several decades. Why do these material fraud schemes continue to succeed Is this due to failures of properly designed internal controls Could the internal controls be adequate but not complied with This course provides descriptions of how the most common types of financial statement and misappropriation of assets fraud schemes are detected. Cost-effective internal controls that can be implemented to prevent these schemes are provided. Classic and contemporary real-world fraud cases are reviewed in detail to reinforce how these schemes are perpetrated - both due to internal control failures and other factors. Red flags that might possibly be indicative of these fraud schemes are addressed.
Upon completion of this course, participants will be able to:
Identify the schemes used to misstate revenue, inventory, asset overstatements, estimates, other accounts
Recognize suspicious journal entries.
Be familiar with the red flags associated with fraud schemes concerning revenue, inventory, asset overstatements, estimates, and other accounts
Employ analytical procedures to detect various types of fraud
Relate particular fraud schemes to landmark cases.
- Major financial statement frauds including, among others, sales and other types of revenue, estimates, journal entries, and other accounts.
- Major misappropriation of assets fraud schemes including, among others, skimming, larceny and additional schemes that occur in inventory, payables, and other accounts.
- Review of landmark cases where the fraud scheme(s) occurred: Equity Funding, WorldCom, Phar-Mor, McKesson and Robbins, Waste Management, MiniScribe, Mattel, Inc. Stew Leonard, Bernie Madoff (non-Ponzi schemes), and others.
Who Should Attend:
Business owners, managers, supervisors, employees, accountants and auditors associated with any type or size of organization.
Experience in accounting and reporting