Top Occupational Fraud Schemes
Author: Lynn Fountain
| CPE Credit: |
2 hours for CPAs |
The Association of Certified Fraud Examiners (ACFE) within their fraud tree, delineates the three major categories of fraud as:
- Corruption
- Asset Misappropriation
- Financial Statement Fraud
Fraud impacts every person and every organization. Regardless of size, structure, geography, or demographics, every organization is subject to fraud. Many individuals refer to fraud "red flags."
These are signs that indicate there is the potential for fraud to occur. Red flags do not mean a fraud has occurred. There are many presentations on “top frauds”. Be cognizant of how the presenter is focusing the discussion. Top frauds could relate to various areas. Examples of top fraud schemes include financial statement, revenue/disclosures/presentation, cyber and internet/personal frauds, asset misappropriation, and corruption.
Publication Date: November 2024
Topics Covered
- Explore categories of fraud
- Exploare fraud statistics per the ACFE
- Evaluate asset misappropriation
- Evaluate corruption as fraud
- Evaluate financial statement schemes
- Examine the concept of cryptocurrency fraud
- Evaluate statistics on top industries for fraud
- Discuss concepts for identifying fraud
- Evaluate anti-fraud controls
- Examine the corruption percentage index
- Review an anti-fraud checklist
- Industries with highest number of frauds
- Industries with highest median dollar loss due to frauds
Learning Objectives
- Identify fraud schemes as defined by ACFE
- Identify top corruption schemes
- Identify top financial statement schemes
- Identify top asset misappropriation schemes
- Identify industries with highest number of frauds
- Identify industries with highest median dollar loss due to frauds
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)
Program Prerequisites
None
Advance Preparation
None
