Many costly fraudulent schemes have occurred repeatedly throughout the past several decades. Why do these material fraud schemes continue to succeed? This webcast provides descriptions of how the most common types of financial statement and misappropriation of asset fraud schemes are detected. Cost-effective internal controls which can be implemented to prevent these schemes are provided in the webcast along with classic and contemporary real-world fraud cases reviewed in detail to reinforce how these schemes are perpetrated due to internal control failures and other factors. Red flags that might possibly be indicative of these fraud schemes are addressed.