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 asset 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. Topics Discussed Major financial statement frauds
including, among others, sales and other types of revenue, estimates,
journal entries, and other accounts Major misappropriation of asset
fraud schemes including skimming, larceny, and additional schemes that
occur in inventory, payables, and other accounts Review of landmark
cases where the fraud scheme(s) occurred: , WorldCom, Phar-Mor, McKesson
and Robbins, Waste Management, MiniScribe, Mattel, Inc. Stew Leonard,
and others