This course provides an overview of fraud risks and responsibilities, focusing on the conditions that enable fraud, management's role, and the ethical and legal considerations auditors face. Participants will explore key topics, including fraudulent financial reporting, misappropriation of assets, and management override of controls, along with the behavioral and cultural drivers that contribute to fraud. This course emphasizes fraud prevention, detection, and the importance of ethical decision-making in upholding financial integrity.
Publication Date: March 2025
Topics Covered
- Fraud Overview
- Fraudulent Financial Reporting
- Misappropriation of Assets
- Conditions of Fraud
- Management & Fraud Risks
- Management Override of Controls
- Ethical Responsibilities and Legal Considerations
Learning Objectives
- Recognize the conditions that enable fraud, including incentive, opportunity, and rationalization
- Identify fraudulent activities such as fraudulent financial reporting and misappropriation of assets
- Explain how to distinguish between the behavioral and cultural drivers that contribute to fraudulent actions
- Identify the ethical and legal responsibilities of auditors when addressing fraud risks
- Determine how management override of controls creates opportunities for fraud
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Auditing (1 hour)
Program Prerequisites
None
Advance Preparation
None
Instructor
Kelen Camehl
Kelen is a recognized author and reviewer of CPE courses and has authored over 145 courses (350 CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy".
Kelen has nearly 20 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Advisor with HP. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.