The Most Common Financial Statement and Asset Fraud Schemes: How to Detect and Prevent Them (111212-12)
Description
Many costly fraudulent schemes have occurred repeatedly throughout the
past several decades. Why do these material fraud schemes continue to
succeed Is this due to failures of properly designed internal controls
Could the internal controls be adequate but not complied with This
course provides descriptions of how the most common types of financial
statement and misappropriation of assets fraud schemes are detected.
Cost-effective internal controls that can be implemented to prevent
these schemes are provided. Classic and contemporary real-world fraud
cases are reviewed in detail to reinforce how these schemes are
perpetrated – both due to internal control failures and other factors.
Red flags that might possibly be indicative of these fraud schemes are
addressed.
Learning Objectives
Identify the schemes used to misstate revenue, inventory, asset
overstatements, estimates, other accounts
Recognize suspicious journal entries.
Be familiar with the red flags associated with fraud schemes
concerning revenue, inventory, asset overstatements, estimates, and
other accounts
Employ analytical procedures to detect various types of fraud
Relate particular fraud schemes to landmark cases.
Major Topics
Major financial statement frauds including, among others, sales and
other types of revenue, estimates, journal entries, and other accounts.
Major misappropriation of assets fraud schemes including, among
others, skimming, larceny and additional schemes that occur in
inventory, payables, and other accounts.
Review of landmark cases where the fraud scheme(s) occurred: Equity
Funding, WorldCom, Phar-Mor, McKesson and Robbins, Waste Management,
MiniScribe, Mattel, Inc. Stew Leonard, Bernie Madoff (non-Ponzi
schemes), and others.
