Distinguish financial reporting fraud from misappropriation of assets. Highlight common schemes involving one or both types of fraud. Review several high-profile cases as well as other real-world situations to emphasize the CPA's role and responsibility. Examine the methods used to perpetrate and disguise schemes, how the fraud was detected, and the consequences. Explore the CPA's role in the prevention and detection of both types of fraud.
Learning Objectives
• Identify the schemes used to misstate revenue, inventory, asset overstatements, estimates, and other accounts
• Distinguish suspicious journal entries
• Recognize 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
Major Topics
• Major financial statement frauds including, among others, sales and other types of revenue, estimates, earnings management and cut-off
• Major misappropriation of asset fraud schemes including skimming, larceny, and additional schemes that occur in inventory, payables and other accounts
• Review of cases involving common fraud schemes. New cases will be discussed in 2023 including FTX
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