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The Detection and Prevention of Fraud in Financial Statements

Instructional MethodAdvanced PreparationProgram PrerequisitesField Of Study Interactive Self Study NONE NONE Auditing / Fraud  Experience LevelCourse IDCPE CreditsAuthor Overview  CM-308  8 Colleen Neuharth McClain, CPA The Detection and Prevention of Fraud in Financial Statement ...Read more
  • Description
Instructional Method Advanced Preparation Program Prerequisites Field Of Study
Interactive Self Study NONE NONE Auditing / Fraud 
Experience Level Course ID CPE Credits Author
Overview  CM-308  8

Colleen Neuharth McClain, CPA

The Detection and Prevention of Fraud in Financial Statements

Course Description: 
As the primary agency investigating corporate fraud, the FBI has focused its efforts on cases which involve accounting schemes, self-dealing by corporate employees, and obstruction of justice to conceal fraudulent activities from criminal and regulatory authorities.
According to the Federal Bureau of Investigation (FBI) “white collar” crime, which this course will refer to as corporate fraud is:
“Those illegal acts which are characterized by deceit, concealment, or violation of trust and which are not dependent upon the application or threat of physical force or violence. These acts are committed by individuals and organizations to obtain money or services; or to secure personal or business advantage.”
This course will begin by reviewing the efforts made by several federal corporate crime busting governmental bodies within the United States to prevent fraud. In addition you will be provided with some statistics regarding corporate fraud.
Next, you will be introduced to some of the common characteristics of individuals who are most likely to commit fraud and some steps that you can take to identify them.
Subsequently this course will identify the most frequently occurring types of corporate fraud and point out some processes and procedures which can be put into place in order to prevent these types of fraud from taking place.
Finally, you will be provided with several case studies which will include the type of fraud which was committed and the punishment for the act.

Who Should Attend: All CPA's

Topics Covered: 
Chapter 1: Corporate Fraud Investigators
Chapter 2: Corporate Fraud Statistics
Chapter 3: Who Commits Fraud and their Statistics
Chapter 4: Corporate Fraud Case Studies

Learning Objectives: 
• Recognize some of the major organizations who have been working diligently to eliminate corporate fraud in the U.S.
• Recognize the national statistics regarding corporate fraud in the United States.
• Identify the general characteristics of the people who are most likely to commit fraud and how to better identify them as well as the most common types of fraudulent activities which are occurring in corporations today.
• Identify the various types of schemes used to perpetrate misstatements on the financial statements and misappropriation of assets.
• Recognize the financial cost of fraud.
• Recognize the most common method in which fraud is reported according to ACFE statistical studies.
• Recognize why fraud is not always reported by executives and the chief reasons why even CPA’s do not always want to participate with law enforcement officers while investigating a fraud incident.
• Recognize a condition (risk factor) which is typically present when fraud occurs.
• Identify the most common schemes which those who commit corporate fraud usually utilize.
• Recognize warning signals of potential embezzlers.
• Recognize the Fraud Deterrence Initiative and the story behind how it got started
• Identify the various corporate fraud cases which the FBI and DOJ has prosecuted.


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