Examine methods to prepare fair financial reports while protecting yourself from accusations of fraud. Using practical case studies, you'll learn to apply FASB standards and concept statements to prepare financial statements that meet user expectations. You'll also study the relationship between risks, controls and financial reporting. Consider how earnings management, the new revenue standard, and other factors impact the risk of fraud. Formerly titled: Controls, Risks and Financial Reporting
Learning Objectives
• Recognize characteristics of useful financial statements
• Recognize characteristics of fraud in financial reporting
• Identify implicit assertions in financial statements
• Determine risks that affect financial reporting related to fraud and other factors
• Identify financial reporting controls
• Determine ways to minimize the risk associated with fraud in financial reporting
• Identify ways to avoid the consequences of failing to meet the expectations of financial statement users
Major Topics
• Financial reporting fraud
• Financial reporting objective
• Earnings management
• Accounting standards
• Financial reporting controls
• FASB Concept Statements
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