Focus on Financial Statement Fraud – Part Two

Field: Fraud | Delivery Method: Self Study | CPE Hours: 2.0

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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 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 Two
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