Fraud in the Financial Statements

Author: Robert K Minniti

CPE Credit:  2 hours for CPAs

Learn to Spot Red Flags of Fraud in Financial Statements
If you are an auditor or a preparer of financial statements you need to be aware of the red flags for 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. Expert presenter, Robert Minniti, 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.

Publication Date: January 2019

Designed For
CPAs, internal auditors, CIAs, external auditors, managers, CFOs and others responsible for financial statement preparation or review.

Topics Covered

  • 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 its done
  • Red Flags of Fraud
  • Source of Tips

Learning Objectives

  • Identify the parts of the fraud triangle
  • Identify red flags for financial statement fraud
  • Recognize the types of fraud with the highest frequency of occurrence based on the 2016 ACFE Report
  • Differentiate type of occupational frauds results in the highest median loss
  • Identify methods for committing financial statement fraud
  • Recognize various types of fraud and how they could apply to your clients
  • Describe types of financial statement fraud and how they are committed
  • Identify the top concealment method used by fraudsters
  • Describe the three elements of fraud
  • Identify a type of financial statement fraud related to improper revenue recognition

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $55

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