Every organization is potentially subject to fraud by its employees and outsiders. Fraud can take many forms, ranging from the deliberate falsification of records by an accounting clerk to a phishing attack by someone in another country. The outcome of these situations can be catastrophic, potentially resulting in the collapse of a business. Fraud Schemes discusses a broad range of schemes that can be used to damage or destroy a business. This course covers fraud schemes that can be perpetrated by employees, financial statement fraud that is usually engineered by the management team, and fraud schemes employed by outsiders. Learn how to prevent fraud schemes and mitigate their effects.
Upon successful completion of this course, participants will be able to:
- Identify the characteristics of each type of employee fraud scheme.
- Recognize the methods used by employees to falsify their expense reports.
- Recognize the techniques used to artificially assist suppliers in winning bids.
- Note how a payables clerk can obtain a valid signature on a check intended for personal use.
- Describe how stock option backdating can benefit employees.
- Identify the tools available to a management team that wants to inflate sales.
- Note how the reported asset balances in the balance sheet can be artificially altered.
- Point out the circumstances in which a management team is more tempted to set up a large loss reserve.
- Recognize the methods available for using fixed assets to alter reported expense levels.
- Identify the methods available for falsely reducing reported liability levels.
- Describe the reasons why cash flows may be mis-reported.
- Note the possible indicators of application fraud.
- Describe the controls that can be used to mitigate the effects of outsider fraud schemes.
- Cite the underlying mechanics of a bust-out scam.
- Point out the indicators of a possible money laundering scheme.
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