Detecting and Investigating Financial Statement Fraud 2015

Detecting and Investigating Financial Statement Fraud 2015 is a conference that provides in-depth review of financial statement fraud - what it is, who commits it, assessing fraud risks..

Key Topics

• Recent studies regarding financial statement fraud
  • ACFE Report to the Nations
  • Treadway Commission (historical context)
  • Large accounting firm studies
• Introduction
  • Overview of financial statement fraud
  • Financial statement fraud versus asset misappropriation fraud
  • Prevention, detection, investigation, resolution
  • Recent studies and related materials regarding fraudulent accounting
• Common financial statement fraud schemes
  • Accounts receivable and billing
  • Revenue recognition: fictitious revenues, round trip transactions, bill and hold, contract backdating and premature recognition (cutoffs), channel stuffing, topside journal entries, capitalizing associated expenses, side letter agreements
  • Frauds associated with estimates, fair values, and impairments
  • Inventory frauds: purchasing, inventory counts, and raw materials schemes
  • PP&E frauds: misclassification and manipulation
• Who commits financial statement fraud and why
  • Personality and other traits
  • The face of fraud
  • Roles of the CEO and CFO in many financial statement frauds
  • The fraud triangle: incentives to commit fraud, opportunity, and rationalization
• Red flags for financial statement fraud
  • Deteriorating business conditions
  • Material deviations from past performance
  • Business structure complexity
  • Unusual, complex and related party transactions
  • Other red flags
• Fraud risk assessments
  • Assessing the company and its environment
  • SAS 99 risk factors; PCAOB audit standards No. 8 through 15 on fraud risks
  • Significant accounts, transactions, and processes, including the financial statement closing process
  • Brainstorming sessions: internal and external auditors
  • Risks of management override and circumvention
  • Preventive and detective controls
  • Internal responses to assessed fraud risks
  • Testing and monitoring controls
• Real-life financial statement frauds and case studies
  • Satyam Computer Services
  • Computer Associates
  • Rino International
  • Diageo plc
  • Longtop Financial Technologies
  • Monster Worldwide
  • Case study: ABC Corporation stock reaches new high, but&hellip
  • Diebold, Inc
  • Case study: PPQ, Inc. internal audit department discovers red flags
• Preventive and detective controls and techniques
  • Whistleblower hotlines and rewards
  • Anti-fraud training
  • Mandatory vacation policies
  • Surprise audits
  • Inquiries within the organization
  • Preventive controls
  • Trend analysis
  • Analysis of the financial statements and significant accounts
  • Tests of processes
  • Analytics
  • Auditing procedures
  • Document examination
  • Computer forensics
  • Investigating background and educational claims
• Creating an ethical business culture
  • Meaningful actions
  • "tone at the top"
  • Creating a positive corporate culture
  • Adelphia Communications
• How to create an effective anti-fraud environment
  • Disclosure controls
  • Establishing and monitoring internal controls
  • Preventive controls
  • Segregation of duties
  • Fraud education and awareness
  • Use of internal audit function
  • Fraud incident responses

Who should Attend

• Public practitioners who provide audit, forensic accounting and investigative services
• Executive officers, industry controllers and accountants, internal audit personnel, finance professionals
• Regulators who investigate and/or prosecute financial statement fraud
• Analysts who analyze or report on financial statement fraud