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The Most Common Financial Statement and Asset Fraud Schemes: How to Detect and Prevent Them (117-16)
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Many costly fraudulent schemes have occurred repeatedly throughout the past several decades. Why do these material fraud schemes continue to succeed? Is this due to failures of properly designed internal controls? Could the internal controls be adequate but not complied with? This course provides descriptions of how the most common types of financial statement and misappropriation of asset fraud schemes are detected.

 Export to Your Calendar 10/7/2016
When: Friday, October 7, 2016
7:30 AM - 11:00 AM
Where: UACPA Training Room
136 South Main Street, Suite 510
Salt Lake City, Utah  84101
United States
Presenter: Marty Van Wagoner
Contact: April Deneault
801-466-8022


Online registration is available until: 10/6/2016
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Acronym CA4TTFS16
CPE 4 hours
Category
Accounting & Auditing
Level Intermediate
Vendor AICPA
Who should attend

Business owners, managers, supervisors, employees, accountants and auditors

Prerequisite
Experience in accounting and reporting
Fees: Early Bird

Standard

Member N/A
$170
Non-Member: N/A
$195

The Member rate applies to UACPA members and reciprocal state society members. To register online, use the ‘Register’ button above. To register by phone, call the UACPA at 801.466.8022, Monday through Friday, 8am to 4pm.

Description 
Many costly fraudulent schemes have occurred repeatedly throughout the past several decades. Why do these material fraud schemes continue
to succeed? Is this due to failures of properly designed internal controls? Could the internal controls be adequate but not complied with? This
course provides descriptions of how the most common types of financial statement and misappropriation of asset fraud schemes are detected. Cost-effective internal controls that can be implemented to prevent these schemes are provided. Classic and contemporary real-world fraud cases are reviewed in detail to reinforce how these schemes are perpetrated, both due to internal control failures and other factors. Red flags that might possibly be indicative of these fraud schemes are addressed. Specific topics include:

  • 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 Current practice issues
  • Review of landmark cases where the fraud scheme(s) occurred: WorldCom, Phar-Mor, McKesson and Robbins, Waste Management, MiniScribe, Mattel, Inc. Stew Leonard, and others

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.

 

 

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