Focus on Financial Statement Fraud – Part One

Field: Fraud | Delivery Method: Self Study | CPE Hours: 1.5

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The Association of Certified Fraud Examiners (ACFE) fraud tree categorizes types of fraud schemes into three areas:

  • Corruption
  • Asset Misappropriation
  • FS Fraud

Previous courses have addressed corruption and asset misappropriation. This course will focus on the areas of financial statement fraud related to revenue. Revenue processes can be completed and provide an inherent opportunity for inappropriate activity.

Financial Statement fraud is the deliberate misrepresentation of the financial condition of an enterprise. It is accomplished through intentional misstatement or omission of amounts or disclosures in the FS to deceive financial statement users. According to the ACFE’s Report to the Nation, in 2016, financial statement fraud comprised 9.6% of cases with a median dollar loss of $975,000. The typical duration of financial statement fraud prior to detection is 24 months.

There are numerous methods under which revenue should be recognized. Accordingly, there are numerous ways perpetrators try to side-step the process and override the proper revenue recognition requirements. Financial personnel must remain vigilant and understand the types of financial frauds that can be perpetrated in their company.

Lesson Objectives:
  • Explore the meaning of financial statement fraud.
  • Examine the concepts of revenue recognition fraud.
  • Explore frauds and mitigating procedures related to fictitious customers.
  • Explore cases and mitigating factors for round-tripping, consignment sales and channel stuffing.
  • Evaluate revenue frauds created by special term agreements including up-front fees, side agreements and promotional allowances.
  • Explore mitigating procedures for special term agreements

Field: Fraud
CPE: 1.5
Delivery Method: Self Study
Format: Video

Your Instructor

Lynn Fountain
Lynn Fountain

Consultant, CPA, CGMA, CRMA, MBA, Past Chief Audit Executive

Business Consultant, Trainer, Author

Ms. Fountain has over 40 years of experience spanning public accounting, industry accounting and consulting. Sixteen years of that experience has been in the field of internal audit, risk managment and process improvement. She is well adept to assist your organization evaluate business strategy, perform risk assessments, establish a Sarbanes-Oxley process, synergizing internal audit processes or perform process improvement projects.

As a past corporate executive Lynn has a passion for working with professionals to enhance their processes and provide leading edge education. She has authored and delivered hundreds of training courses for accounting, finance and audit professionals. Her training is filled with not just theory but real world application.

Ms. Fountain has authored three technical publications:

-Leading the Internal Audit Function 

-Raise the Red Flag

-Ethics and the Internal Auditor's political dilemma

Lynn is a recognized leader in the internal audit profession as well as a recognized business professional.  

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has active, current CPA, CGMA, and CRMA credentials.

Course Curriculum

  Focus on Financial Statement Fraud - Part One
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