Top Occupational Fraud Schemes and Deterrents
Field: Fraud | CPE Hours: 2.0 | Delivery Method: Self-Study
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.
This course will focus on top occupational fraud schemes as identified in the 2024 ACFE Fraud Report to the Nations. Occupational fraud refers to fraud committed by an organization's employees.The ACFE fraud tree delineates the three major categories of fraud as:
- Corruption
- Asset Misappropriation
- Financial Statement Fraud
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 well as evaluate deterrent methods and internal controls to help mitigate fraud.
Note: Information within this course comes from readily available public domain documents and is utilized by the trainer as a supplement for relaying the course content.
Lesson Objectives
- Explore categories of Fraud.
- Examine Fraud statistics per the ACFE.
- Evaluate Asset Misappropriation
- Evaluate corruption as fraud
- Evaluate financial statement schemes.
- Examine the concept of cryptocurrency fraud.
- Evaluate statistics on top industries for fraud.
- Discuss concepts for identifying fraud.
- Evaluate anti-fraud controls.
- Examine the corruption percentage index.
- Review an anti-fraud checklist.
- Appendix
Field: Auditing
CPE: 2.0
Delivery Method: Self-Study
Format: Video
Your Instructor
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.