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Financial Statements Fraud

Financial Statements Fraud

Why Attend

Internal fraud cases and illegal accounting schemes committed by corporations or individuals are becoming more prevalent. Therefore, the existence of a robust fraud prevention, detection, and control system is critical to ensure that an organization is financially sound. This course takes participants from the theory and concept of fraud detection to its implementation and practice in order to protect investors and companies from fraud in financial statements. In addition, this course provides the necessary tools to help professionals add value to their organization by examining financial statements and determining if there is a likelihood of fraudulent financial reporting.

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Course Methodology

The course uses a blend of instructor presentations, individual and group exercises, analysis of actual case studies, and the application of analytical tools learned during the course.

Course Objectives

By the end of the course, participants will be able to:

  • Identify fraud and fraudsters
  • Recognize different types of fraud schemes in organizations
  • Analyze company financial statements to determine if there is earnings manipulation
  • Assess quality of financial statements using different tools
  • Implement fraud controls to decrease the likelihood of fraud in the organization
Target Audience

Professionals in the field of finance and accounting, controllers, accounting managers, senior and chief accountants, financial analysts, internal and external auditors, and accountants at all levels seeking to enhance their financial statement fraud detection skills.

Target Competencies
  • Detecting fraud
  • Preventing fraud
  • Identifying fraud
  • Controlling fraud
  • Recognizing fraud schemes
  • Assessing bankruptcy risk
  • Identifying earnings management
  • Examining financial statements quality
Course Outline
  • Identifying fraud and fraudsters
    • Introduction to fraud
    • Fraud triangle
      • Pressure
      • Rationalization
      • Opportunity
    • Fraudsters’ profile 
  • Fraud schemes
    • Executive fraud
    • Fraud schemes in financial statements
    • Fraud schemes in assets
    • Fraud schemes in liabilities
    • Fraud schemes in expenses
    • Fraud schemes in sales
  • Ratio analysis
    • Michael Porter's five forces
    • Common size analysis
    • Altman Z-score assessing potential bankruptcy
  • Assessing quality of financial reports
    • Framework for assessing quality of financial reports
    • Potential problems that affect the quality of financial reports
    • Beneish model: M-score on manipulated earnings
    • Evaluating the earnings quality of a company
    • Evaluating the cash flow quality of a company
    • Indicators of balance sheet quality
  • Internal control environment
    • Fraud detection
    • Fraud prevention
    • Fraud response
    • Internal controls
    • Corporate governance and ethics
    • Code of conduct
    • Internal control environment
National Association of State Boards of Accountancy (NASBA)

Meirc Training & Consulting is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.

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