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Identifying Fraudulent Financial Transactions

Author/Moderator: Chad Albrecht, Ph.D.
Publisher: AICPA
Availability: Online Access
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Financial statement fraud continues to plague corporate America and often remains at the center of the forensic CPA’s investigation. Now, more than ever, it is imperative that CPAs stay current on the requirements of AU-C section 240, the most common fraud schemes and best practices to acquire the tools you need to help you to uncover fraud.

This CPE course defines the nature of financial statement fraud, the auditor’s responsibilities for fraud and a framework for preventing and detecting fraud. You will analyze a variety of schemes and learn how to spot the red flags of fraud in financial information.

Topics Discussed:

  • Introduction to financial statement fraud
  • Auditor’s responsibility to detect fraud
  • Identifying fraud exposure
  • Revenue-related financial statement fraud
  • Inventory and cost of goods sold fraud
  • Understatement of liabilities fraud exposures and symptoms
  • Overstatement of assets fraud exposures and symptoms
  • Inadequate disclosure fraud
  • Fraud prevention

Learning Objectives:
This course will prepare you to:

  • Identify the auditor’s responsibilities for fraud detection
  • Distinguish a solid framework for detecting financial statement fraud, including the identification of revenue-related exposures and symptoms, inventory and cost of goods sold exposures and symptoms, understatement of liabilities exposures and symptoms, and overstatement of assets
  • Determine the follow-up on symptoms of revenue-related schemes, inventory fraud, understatement of liabilities fraud, and overstatement of assets fraud
  • Recognize instances of inadequate disclosure fraud
  • Apply proven methods of financial statement fraud prevention

Who Will Benefit?
Accountants in industry, internal auditors and CPAs in public practice who are responsible for the quality and integrity of financial information.

Prerequisite: Experience in accounting and reporting

Advance Preparation: None

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NASBA Field of Study: Accounting and Auditing
Level: Intermediate
Recommended CPE Credit: 7
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