CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Fraud Schemes

Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
3 Credits: Accounting

Course Description

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.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • 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.

Chapter 2

  • 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.

Chapter 3

  • 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.

Course Specifics

Course ID
1173469
Revision Date
April 23, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
Qualifies for CA Fraud: Yes
Qualifies for CA Fraud Credits: 1

Course Instructor

Steven M. Bragg Headshot
Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. 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 an auditor with …

Steven M. Bragg, CPA Read More »

Fraud Schemes

Expert Instructors
Format
CPE CREDITS
3 Credits: Accounting

$87.00$107.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
3 Credits: Accounting

Course Description

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.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • 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.

Chapter 2

  • 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.

Chapter 3

  • 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.

Course Specifics

Course ID
1173469
Revision Date
April 23, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
Qualifies for CA Fraud: Yes
Qualifies for CA Fraud Credits: 1

Course Instructor

Steven M. Bragg Headshot
Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. 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 an auditor with …

Steven M. Bragg, CPA Read More »

Fraud Schemes

Expert Instructors
Format
CPE CREDITS
3 Credits: Accounting

$87.00$107.00

Clear