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Uncovering Financial Statement Fraud in Audits

Webinar: ID# 1012920
Recorded CD
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About This Course:
Audit professionals must be able to identify the telling signs and methods of financial statement fraud to uncover and respond to such situations when performing an audit. This is true whether auditing one of the largest SEC reporting companies or small closely held businesses.

By learning approaches based on real world experiences from veteran advisors to analyze financial statements, audit professionals can arm themselves with critical techniques to ferret out any instances of financial fraud.

Our panel will explain the differences between fraud and errors and identify common but easy to miss financial statement fraud schemes, including improperly recording certain transactions as sales, underreporting expenses, and improper disclosures.

Listen as our panel of experienced audit advisors discusses what signs to look for in financial statements that signal potential fraud and outlines their experiences and best practices to uncover fraud and mitigate risk.

Outline:

I. Overview of financial statement fraud

  • Definitions of fraud and error

II. Financial statement fraud schemes

  • Double-entry bookkeeping
  • Accounting equation and financial statements
  • Selling more (overstatement of sales revenue)
  • Improper treatment of certain transactions as sales
    • Fictitious sales
    • Sales with conditions
    • Indirect method of improper treatment of sales
  • Costing less (understatement of expenditures)
  • Manipulation of classification and improper disclosure

III. Detecting fraudlent schemes

  • Peer experiences
  • Recommended best practices

Benefits:

The panel will explore relevant topics such as:

  • What common, but sometimes overlooked, fraud schemes are seen in financial statements?
  • What key data points in financial statements can help indicate potential fraudulent activity?
  • What is the difference between accounting error and financial statement fraud—and how should auditors approach these situations?
  • How can audit professionals mitigate their own risk and exposure after identifying potential fraud in a financial statement?

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Upon completing this seminar, you will have additional experiences, insights and best practices to help detect signs of fraud in reviewing and preparing financial statements and tax returns.

The Presenter:

Craig L. Greene, Founding Partner, McGovern &Greene, Chicago

Mr. Greene is a leading certified fraud examiner and white collar criminologist. He works as a consultant and expert witness for law firms, corporations, non-profits, and governmental and law enforcement agencies on cases involving allegations of fraud and misrepresentation. His engagements frequently involve high profile fraud investigations, many of which have resulted in uncovering fraudulent financial reporting.


Credits Available

This program has been approved for 2.0 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.

Strafford is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.

Processing

To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.

Credit Confirmation

Strafford will mail a certificate of credit within approximately 2 weeks of receiving an attendee's completed Official Record of Attendance—provided all required conditions have been satisfied.


Delivery

Handout materials and the phone number for live presentations are made available to you 1 day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.

If you order a recorded version of the webinar, CD's will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.


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Uncovering Financial Statement Fraud in Audits
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