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The Most Common Financial Statement and Asset Fraud Schemes: How to Detect and Prevent Them Logo aicpa

  Glenn L. Helms, Ph.D., CPA, CISA, CIA, CFF, CITP |   Free |   AICPA |   14 Oct 2019 |   Auditing |   AICPA Store
Who Will Benefit?
  • Business owners, managers, supervisors, employees, accountants and auditors
Key Topics
  • 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, Stew Leonard and others.
Learning Objectives
  • Identify the schemes used to misstate revenue, inventory, asset overstatements, estimates, and other accounts.
  • Distinguish suspicious journal entries.
  • Determine the red flags associated with fraud schemes concerning revenue, inventory, asset overstatements, estimates, and other accounts.
  • Apply analytical procedures to detect various types of fraud.
  • Compare particular fraud schemes to landmark cases.

Many costly fraudulent schemes have been detected throughout the past several decades. How do these material fraud schemes continue to succeed? This webcast answers that question. You will be provided with descriptions of how the most common types of financial statements and misappropriation of asset fraud schemes are detected. The webcast also covers cost-effective internal controls that can be implemented to prevent these schemes. You will even review classic and contemporary real-world fraud cases to reinforce how these schemes are perpetrated due to internal control failures and other factors. Lastly, the webcast addresses red flags that may be indicative of these fraud schemes.

Important Information on Your CPE Credit

Topics covered:
  • Management accounting: Technical: Risk management & internal control: Risk identification & assessment, Intermediate
  • Financial accounting & reporting: Technical: Internal control, Intermediate
  • Forensic & valuation services: Technical: Fraud: Prevention & detection, Intermediate