Course detail

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Contents

• Introduction
• Prerequisites
  
• Course Level
  
• Topics
  
• Course Benefits
  
• Teaching Method
  
• Continuing Professional Education
  
• Venue
  
  

Introduction

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This two-day course teaches participants about financial statement fraud which is often perpetrated in US GAAP and other financial statements. The five basic financial statement fraud schemes are defined, as are many subcategories of the basic schemes. The program includes specific discussion of which accounting standards such schemes violate and when they cross the line. Our expert instructor also covers the investigation of these financial statement fraud schemes through the use of a variety of investigative tools including financial statement reviews, ratio analysis, auditing procedures, interviews, and other investigative tools.

The course includes discussion of several high-profile accounting fraud cases that have occurred over the past several years and provides information on how those frauds were perpetrated, investigated and resolved. Other relevant materials, including instructor case samples, recent studies of financial statement fraud and current media are also discussed in the context of this course. Course participants receive practical working knowledge of these cases as well as tips for detecting when financial statement fraud may be occurring within their organizations. Discussions of how to avoid and/or prevent financial statement fraud are integrated throughout the course.

An introduction to the key issues surrounding financial statement fraud from an accountant’s standpoint – prevention, detection, investigation and resolution – is provided, along with extensive discussion of the basic financial statement fraud schemes. The techniques and tools for detecting and investigating these frauds are outlined and detailed for participants. The program also covers prevention and resolution of financial statement fraud cases so that participants learn tangible techniques for preventing fraud from occurring in the first place and resolving cases that may arise.

The course will answer questions such as:

• What is financial statement fraud – how is it recognized and what are the different forms that it might encompass?

• What are the red flags that might indicate a financial statement fraud has occurred or is currently occurring within an organization’s financial statements?

• How can financial statement fraud be effectively investigated and resolved?

• What steps can be taken to prevent financial statement fraud from occurring within an organization?

Prerequisites

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Some accounting/finance experience and a basic working knowledge of the elements of financial statements, including primarily the income statement and balance sheet, will be helpful. Introductory information will be distributed and a wide range of experience levels can be accommodated in this course.
No advance preparation is required for this course.

Course Level

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Overview

Topics

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• Introduction
• Financial fraud and financial statement fraud
• Overview of accounting and financial statement fraud
• Recent major cases in the headlines
• Recent studies and related materials regarding fraudulent accounting
• Prevention, detection, investigation, resolution
• Financial Statement Fraud Schemes and Red Flags
• Fictitious revenues
• Timing differences (revenue and expenses)
• Improper asset valuations
• Concealed liabilities and expenses
• Improper disclosures
• Others (classification issues, etc.)
• Detection and Investigative Techniques
• Detection methods
• Investigative techniques
• Overall financial statement review
• Document examination
• Auditing procedures
• Financial statement analysis
• Background investigation
• Computer forensics
• Interviews
• Case Studies and Examples
• Case of the phantom purchase order
• Case of the overgrown balance sheet
• Case of the unsolicited orders and premature revenue
• Prevention and Resolution
• Deterrence
• Pressure
• Opportunity
• Rationalization
• Resolution

Course Benefits

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• Understand the basic financial fraud schemes that are employed by management and/or others in the perpetration of financial statement fraud
• Become familiar with the 'red flags' which could indicate that one or more financial statement fraud schemes have been perpetrated
• Learn the investigative techniques and skills utilized in the investigation of financial statement fraud
• Gain a better understanding of some of the major financial statement fraud schemes that have been committed and written about in the media over the past several years (Enron, Worldcom, etc.) – what happened, how did it happen and how were such cases investigated and resolved?

Teaching Method

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• Live group instruction with interactive participation encouraged
• Presentation of lecture on financial statement fraud schemes, detection, and resolution
• Distribution of industry studies and related articles/publications
• Explanation of specific case examples that the instructor has investigated
• Discussion of current case examples regarding recent publicized investigations
• Review of recent media headlines relating to fraud
• All participants will receive a comprehensive binder containing copies of the presentation slides, handouts, case examples, and other course materials

Continuing Professional Education (CPE)

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16 hours

Venue

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All of our Dubai seminars take place in 4 star professional conference facilities, usually in city-centre downtown hotels like the Marriott, Sheraton or Hilton brands.

Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available.

Coffee and lunch will be provided.