Financial statement fraud is one of the most costly types of fraud and can have a direct financial impact on businesses and individuals, as well as harm investor confidence in the markets. While publications exist on financial statement fraud and roles and responsibilities within companies, there is a need for a practical guide on the different schemes that are used and detection guidance for these schemes. This course is designed to fill that need.
- Describe every major and emerging type of financial statement fraud, using real-life cases to illustrate the schemes
- Explain the underlying accounting principles, citing both U.S. GAAP and IFRS, that are violated when fraud is perpetrated
- Provide numerous ratios, red flags, and other techniques useful in detecting financial statement fraud schemes
Straightforward and insightful, this course provides comprehensive coverage on the different ways financial statement fraud is perpetrated, including those that capitalize on the most recent accounting standards developments, such as fair value issues.
Upon successful completion of this course, participants will be able to:
- Define the existing revenue recognition standards under both U.S. GAAP and International Accounting Standards (IAS), noting proposed changes.
- Identify revenue recognition schemes, citing the impact on the company's financial statements.
- Recognize the proper accounting under U.S. GAAP and IFRS for revenue recognition.
- Identify revenue recognition schemes, noting tactics used by companies in real life case studies.
- Identify fictitious revenue schemes, noting reasons for recording fictitious revenue and its impact on the company's financial statements.
- Identify revenue misclassification schemes, citing real-life cases and the impact on the company's financial statements.
- Identify gross-up schemes, noting their accounting impact.
- Identify asset-based schemes involving the capitalization of costs, noting proper accounting treatment and the impact the company's financial statements.
- Recognize various asset valuation schemes, noting the appropriate accounting treatment under IFRS and U.S. GAAP.
- Identify common methods used to estimate fair value and cite ways that someone can manipulate asset values under these methods.
- Recognize the proper accounting treatment for accounts payable, compensated absences, contingent liabilities, and accrued compensation, noting common ways to shift expenses to future periods.
- Identify the appropriate methods used to value and amortize debt and specify ways that someone can manipulate the financial statements under these methods.
- Identify the appropriate methods used to account for business consolidations and combinations and cite ways that someone can manipulate the financial statements under these methods.
- Specify ways that someone can manipulate the financial statements as a means of concealment for misdeeds, noting real-life cases.
- Identify the appropriate ways to account for certain transactions or events for not-for-profit organizations in order to avoid financial statement manipulation.
- Recognize standard notes to the financial statements of companies in order to create a framework for evaluating note disclosures.
- Identify key aspects of detecting and investigating financial statement fraud.
- Identify ways in which financial statement analysis can be helpful in detecting financial statement fraud.
- Recognize various financial statement ratios and their relevance to detecting financial statement fraud.
- Recognize analytical methods used to detect financial statement fraud.
- Identify ways to determine if a financial statement misstatement is fraud or an honest mistake.
- Identify ways to assess and minimize the risk of successful auditor liability claims, noting real-life case studies and their impact.
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