Focus on Financial Statement Fraud – Part Two

Explore financial statement fraud CPE = 2

Focus on Financial Statement Fraud – Part Two

This course will build off Focus on Financial Statement Fraud part one. It will delve further into concepts of financial statement fraud as defined by the Association of Certified Fraud Examiners (ACFE). The ACFE fraud tree categorizes types of fraud schemes into three areas:
  • Corruption
  • Asset Misappropriation
  • FS Fraud

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. In part one of this series, we focused on areas of revenue recognition. This course will focus on other portions of the fraud tree under financial statement fraud including: timing, concealed liabilities and revenue, overstated liabilities and expenses, improper asset valuation and improper disclosures. Each of these areas are critical components for understanding financial statement fraud.

Lesson Objectives:
  • Explore financial statement fraud related to the concept of timing.
  • Examine specific timing types of financial statement schemes and procedures used to mitigate potential fraud. Schemes include:
  • Bill and hold
  • Sales with special terms
  • Documentation and other
  • Evaluate types of FS schemes and mitigation techniques for accounting entries.

Field: Fraud
CPE: 2.0
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 in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She is a nationally recognized trainer and speaker and also a published author. She is a subject matter expert and specializes in Internal Audit, Sarbanes-Oxley, Enterprise Risk Management, Fraud, Governance and Compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. She currently performs consulting for companies on internal audit, risk management, internal controls, SSAE 18, financial reporting and accounting along with performing training. She has also been instrumental in the establishment of ERM, Sarbanes-Oxley and Governance frameworks.

Ms. Fountain has authored a publication for the Institute of Internal Auditors Research Foundation (IIARF) titled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. The publication will be released April 20, 2015. In addition, she is authoring a publication for Auerbach on “The Realities of performing the Chief Audit Executive Role”. The publication will be released in the Fall 2015. In addition, she has performed as an adjunct instructor for the School of Business for Grantham University and the School of Business at the University of Kansas.

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 Two
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