This course is designed to present the most significant types of financial statement fraud and embezzlement, illustrated through case situations. We'll distinguish financial reporting fraud from misappropriation of assets and highlight common schemes involving one or both types of fraud. We'll also review high-profile cases and other real-world situations to emphasize the CPA's role and responsibility. Get ready to examine the methods used to perpetrate and disguise schemes, how the fraud was detected, and the consequences, and explore the CPA's role in preventing and detecting 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 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 2024)
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