Fraud Schemes

3 Credits: Auditing


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Fraud Schemes

Course Level
CPE Credits

3 Credits: Auditing

Course Description

Fraud schemes can threaten the financial stability of an organization. By understanding as much as possible about the nature of fraud, an organization can take steps to prevent it from occurring. Fraud Schemes serves as this necessary guidebook, describing the different types of fraud schemes that may be perpetrated against a business. The schemes are broken down into schemes by employees, financial statement fraud, and schemes by outsiders. Accompanying the descriptions of fraud schemes are discussions about how to minimize the effects of fraud on a business.

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Learning Objectives

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.
  • Specify 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.
  • Specify 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.
  • Specify 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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Course Specifics

Course ID
Revision Date
July 5, 2023

There are no prerequisites.

Advanced Preparation


Compliance Information

NASBA Provider Number: 103220

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Steven M. Bragg Headshot

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 250 business books and courses. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and …

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