Fraud involves an intentional act to deceive, which may result in material misstatement in the financial statements due to fraudulent financial reporting or misappropriation of assets. Management’s responsibility is to design, implement, maintain and monitor a system of internal control to prevent, or detect and correct, fraud. This module will focus on real-life and practical examples of fraud in smaller- and mid-size environments, including nonprofits.
Major Topics:
- Fraud trends per the most recent Association of Certified Fraud Examiners (ACFE) Annual Report on Fraud and Abuse
- Real-life examples of fraud in nonpublic entity and nonprofit environments
- Cyber-security risks of fraud
Prerequisites
Prerequisite: Experience on basic audit engagements
Designed For: Accountants responsible for advising audit clients on how to prevent or detect fraud, as well as identifying and responding to fraud risk.
Learning Objective
- Discover and discuss the cause and impact on real-life fraud cases.
- Explore and explain what to be alert for in an audit in order to identify fraud potential.
- Recognize and focus on real-life and practical examples of fraud in smaller- and mid-size environments, including nonprofits.
Last updated/reviewed: June 07, 2024
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Jennifer Louis
CPA, President of Emergent Solutions Group LLC
INTRODUCTION AND OVERVIEW
- Learning Objectives for Fraud Trends 0:36
- Overview 12:20
- Analysis of Victim Organizations 5:28
- Fraud Resolution 5:06
- Most Common Fraud Schemes 18:34
- Nature of Fraud Perpetrators 6:48
- Behavioral and Other Red Flags 10:16
- How is fraud detected 3:56
- Anti-Fraud Controls 17:34
- Focus on Management Oversight and Data Monitoring 3:52
- Focus on Cyber Crime 16:54
CONTINUOUS PLAY
SUPPORTING MATERIAL
- Slides: Fraud Trends - Applying Real-life Lessons to Small and Mid-Size Entities PDF
- Fraud Trends - Applying Real-life Lessons to Small and Mid-Size Entities Glossary/ Index PDF
REVIEW AND TEST
- REVIEW QUESTIONS quiz
- FINAL EXAM exam
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