This course builds off Focus on Financial Statement Fraud part one. It delves further into concepts of financial statement fraud as defined by the Association of Certified Fraud Examiners (ACFE). The ACFE fraud tree categorizes types of fraud schemes into three areas:
- Corruption
- Asset Misappropriation
- Financial Statement (FS) Fraud
Financial Statement fraud is the deliberate misrepresentation of the financial condition of an enterprise. It is accomplished through intentional misstatement or omission of amounts or disclosures in the FS to deceive financial statement users. According to the ACFE’s Report to the Nation, in 2016, financial statement fraud comprised 9.6% of cases with a median dollar loss of $975,000. The typical duration of financial statement fraud prior to detection is 24 months.
There are numerous methods under which revenue should be recognized. Accordingly, there are numerous ways perpetrators try to side-step the process. In part one of this series, we focused on areas of revenue recognition. This course will focus on other portions of the fraud tree under financial statement fraud including: timing, concealed liabilities and revenue, overstated liabilities and expenses, improper asset valuation and improper disclosures. Each of these areas are critical components for understanding financial statement fraud.
Note: Information within this course comes from readily available public domain documents and is utilized by the trainer as a supplement for relaying the course content.
- Teacher: noor data
SKU *: crs-1640995
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Course Short Description:
This course delves further into concepts of financial statement fraud as defined by the Association of Certified Fraud Examiners (ACFE).
credit Hours: 0
CPE Credits Awarded *: 2
Approval Status: - None -
Course is for: ** Main Course Library **
Course Duration: 2
Complexity of Content: Advanced
Suppress in lists: No
Last Updated/Reviewed Date: March 22, 2024
Prerequisitses:
No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.
Learning Objective:
- Explore financial statement fraud related to the concept of timing.
- Discover specific timing types of financial statement schemes and identify procedures used to mitigate potential fraud.
- Recognize fraud schemes related to bill and hold, sales with special terms, and documentation.
- Explore types of financial statement (FS) schemes and mitigation techniques for accounting entries.
Course Type: CPE Course
Format: On Demand
Audit & Accounting: No
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Ethics (NASBA): No
Excel: No
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Field of Study: Auditing
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CPE Credits: 2
Field of Study: Auditing
CPE Delivery Method: QAS Self-Study
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No advanced preparation or prerequisites are required for this course.
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Hours: 2
Field of Study: Auditing
CPE Delivery Method: QAS Self-Study
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CPE Credits: 2
Field of Study: Auditing
CPE Delivery Method: QAS Self-Study
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CPE Credits: 2
Field of Study: Financial Transactions and Fraud Schemes
CPE Delivery Method: QAS Self-Study
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Field of Study: Auditing and accounting
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