Sarbanes-Oxley Update - 20 Years Later: Examining Fraud Risks
Author: Lynn Fountain
| CPE Credit: |
2 hours for CPAs |
When the SOX legislation passed, legislators and investors were concerned about the many instances of corporate fraud that had occurred. This concern manifested in several separate sections of the legislation including:
- Title V: Analyst Conflicts of Interest
- Title VIII: Corporate and Criminal Fraud Accountability
- Title IX: White Collar Crime Penalty Enhancement
- Title XI: Corporate Fraud Accountability
Many things have changed in 20 years since the introduction of Sarbanes-Oxley. Fraud is still a concern and in today’s world there are more and more ways that fraud can be conducted. Regardless of their status as a Sarbanes-Oxley compliant company or just a sole proprietorship, companies must remain vigilant in their efforts to vet out fraud and ensure their organizations have proper processes in place to protect their information and their shareholders.
Publication Date: June 2023
Designed For
Accounting, Finance and operational personal interested in having a stronger understanding of fraud in today’s organizations. This includes sole proprietors and owners of businesses
Topics Covered
- Sarbanes-Oxley Fraud Sections
- Sarbanes-Oxley Fraud Evaluations
- Anti-Fraud Collaboration Group
- Identifying Fraud In The Future
- Using Skepticism to Vet Out Fraud
- Fraud In the Future
- Perspectives of Financial Reporting and SEC Investigations
- Fraud Focus on the New Environment
- New Methods to Identify Fraud
- Machine Learning and Artificial Intelligence
- Other Methods
Learning Objectives
- Recognize the various fraud sections
- Identify and review the concept of fraud evaluations
- Recognize how to examine current survey statistics on SOX efforts
- Recognize and understand the efforts of the Anti-Fraud Collaboration effort started in 2010
- Recognize how to evaluate concepts identified in the AFC survey to enhance your fraud efforts
- Identify the year the AFC issued the report "Mitigating the Risk of Common Fraud Schemes: Insights from SEC Enforcement Actions"
- Identify the PCAOB standard that notes that due professional care requires the auditor to exercise professional skepticism
- Identify the type of bias that relates to placing too much reliance on initial evidence when considering subsequent data and decisions
- Identify the type of machine learning that is intended to detect unusual behavior when labeled transaction data is scarce or non-existent
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
None
Advance Preparation
None
