Top Fraud Schemes

Field: Fraud | Delivery Method: Self Study | CPE Hours: 1.0

The Association of Certified Fraud Examiners (ACFE) defines fraud within their fraud tree through the utilization of major categories:

  • Corruption
  • Asset Misappropriation
  • Financial Statement Fraud

Fraud impacts every person and every organization. Regardless of size, structure, geography, or demographics, every organization is subject to fraud. Many individuals refer to fraud "red flags."
These are signs that indicate there is the potential for fraud to occur. Red flags do not mean a fraud has occurred.
There are many presentations on “top frauds”. Be cognizant of how the presenter is focusing the discussion. Top frauds could relate to various areas. Examples of top fraud schemes include: financial statement, revenue/disclosures/ presentation, cyber and internet/personal frauds, asset misappropriation, and corruption.
In this course, we review information on the top fraud schemes by focusing on the three categories as defined by the ACFE fraud tree. We also evaluate the most common schemes by industry as outlined by the ACFE report to the Nations.
Learning Objectives
  • Explore top fraud schemes per the Association of Certified Fraud Examiners (ACFE)
  • Explore top corruption schemes.
  • Explore top financial statement schemes.
  • Explore top asset misappropriation schemes.
  • Identify industries who suffer the highest number of frauds.
  • Identify industries who suffer the highest median loss due to frauds.

Field: Fraud
CPE: 1.0
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

  Top Fraud Schemes
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