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Home > Accounting & Auditing > Fraud 101: A Basic Guide for Auditors
Prerequisite
None
Knowledge Level
Basic
Copyright 2014

Publication Date
September, 2014
Fraud 101: A Basic Guide for Auditors
Introduction Organization Learning Objectives Author Bios
Title: Fraud 101: A Basic Guide for Auditors
Prerequisite: None
Advance Preparation: None
Knowledge Level: Basic
Subject Matter Area: Auditing
Date of Publication: September 2014
Copyright © 2014 by Thomson Reuters/Tax & Accounting All rights reserved.
Recommended CPE Credits:  
     Textbook Only & Online: 8 QAS/Registry (based on 50-minute hour)
Expiration Date: One year from date of receipt to complete program and submit quizzer to obtain credit
Passing Grade for Quizzer: 70 percent or higher


The CPA profession has celebrated its first century of service to the business and investing community. Throughout that century, the accounting profession, for the most part, has been allowed to operate in a self-regulated environment. For many years accounting has stood out as one of just a few careers that could be called a profession because of self-regulation. A significant part of that self-regulation is that the accounting profession is responsible for establishing the accounting standards by which financial statements are to be prepared and also the auditing standards that auditors are to follow in auditing those financial statements.

It will come as no surprise to anyone that confidence in corporate America has been shaken by a series of accounting scandals. The scandals of Enron and Parmalat and others have heightened sensitivities over the role structured financing has played in questionable accounting practices. As business combinations have become more complicated and reports of accounting scandal and fraud become more prevalent, other authorities have intervened.

In this program, Fraud 101: A Basic Guide for Auditors, we will focus on basic elements of fraud, evaluating the risks of fraud and discussing ways to implement the processes, procedures, and controls needed to mitigate such risks. This program identifies a number of different fraud schemes and concentrates on the types of fraud committed against small businesses by those outside the organization, as well as examining the relevance and importance of §404 of the Sarbanes-Oxley Act for public companies.


Use of Materials

DVD
The user should begin by watching the DVD segment, if any, for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. It may be helpful to highlight important material and/or to make additional notes. Next, the user should complete the study questions at the end of the chapter and review the answers. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the DVD and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or DVD that were difficult. When the user is ready, s/he should complete the quizzer. Reviewing notes periodically will increase retention of the material.

Online
The user should begin by watching the streamed video segment, if any, or listening to the streamed audio segment, if any, for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. After the user has studied each chapter, s/he should click on the link at the left to complete the interactive study questions. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the streamed video, if any, or listening to the streamed audio, if any, and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or video/audio, if any, that were difficult. When the user is ready, s/he should click on the link to the left to complete the quizzer. The user's CPE certificate will be provided immediately upon successful completion of the quizzer.



This program is divided into nine (9) chapters and three (3) appendices.

Chapter 1 introduces the user to the topic of fraud.

Chapter 2 concerns fraudulent financial reporting.

Chapter 3 covers misappropriation of cash and the basic types of cash misappropriation schemes.

Chapter 4 explains how assets, other than cash, may be misused.

Chapter 5 discusses various fraud schemes, such as bribery, conflict of interest, vendor/customer fraud schemes. This chapter identifies ways to detect and prevent these schemes.

Chapter 6 evaluates the risks of fraud and discusses ways to implement the processes, procedures, and controls needed to mitigate such risks.

Chapter 7 concentrates on the auditor's responsibility concerning fraud in a financial statement audit.

Chapter 8 looks at the types of fraud committed against small businesses by those outside the organization.

Chapter 9 examines the relevance and importance of ?404 of the Sarbanes-Oxley Act.

Appendix A gives examples of fraud risk.

Appendix B illustrates an organization's code of conduct.

Appendix C lists ways a small business owner can prevent and detect fraud.

Helpful Guidance

Throughout this program, the user will find explanations and discussions regarding some of the issues that often face practitioners. In order to enhance the user's comprehension of the material and highlight important practical considerations, this program includes the following designations:

A Biskpoint presents analysis or commentary that attempts to explain or clarify athoritative guidance.

A Bisktip provides practical advice that may be used to help improve client service or service to the practitioner's organization.



Upon successful completion of this program, the user should be able to:

  • Recognize the key concepts and definition of fraud

  • Recognize fraudulent financial reporting

  • Recognize various fraudulent disbursement schemes and theft schemes

  • Identify how assets other than cash are misappropriated

  • Recognize ways to detect misappropriation of assets

  • Recognize bribery and conflict of interest schemes and other types of fraud against organizations

  • Recognize ways to eliminate or reduce fraud risk

  • Identify ways to reduce the opportunities for fraud

  • Recognizes the auditor's responsibility concerning fraud in a financial statement audit

  • Identify the relevance and importance of AU §240

  • Identify fraud indicators

  • Recognize the different requirements under §404 of the Sarbanes-Oxley Act



J. Russell Madray, CPA, CIA, CMA, CFM, is a nationally-known accounting and auditing thought leader, writer, and advisor helping CPAs throughout the country understand and implement technical accounting and auditing issues.

Mr. Madray is a Senior Lecturer in the School of Accountancy and Finance at Clemson University, one of the country's most selective public research universities. He also serves as Scholar-in-Residence at Elliott Davis, in Greenville, SC. With nine offices across four states, Elliott Davis is one of the largest accounting, tax and consulting services firms in the Southeast and ranks among the Top 50 CPA firms in the U.S.

In 2014, Clemson University students chose Russ as Alumni Master Teacher for outstanding undergraduate classroom instruction. The annual award is presented to a faculty member nominated by the student body and selected by the Student Alumni Council.

As an author, Russ is responsible for several of the profession's best-selling books. He also authors many of the AICPA's publications and is a frequent contributor to the Journal of Accountancy. In addition, he authors the Bisk monthly Accounting and Auditing Report, the widely-used monthly update of accounting and auditing issues that is distributed nationally to CPAs in public practice and industry.

Mr. Madray earned a B.S. in Accounting from Clemson University in 1986 and a Master of Professional Accountancy from Clemson University in 1988. He is a certified public accountant, a certified global management accountant, a certified internal auditor, a certified management accountant, and a certified financial manager. He is a past member of the AICPA's Accounting and Review Services Committee and has served on several other AICPA and state-level committees and boards.

Kurt G. Oestriecher, CPA, is a partner with Oestriecher & Company of Alexandria, Louisiana. Mr. Oestriecher is partner in charge of accounting and auditing services, and is also involved in litigation support and small business consulting engagements. In addition to his client responsibilities, Mr. Oestriecher has served as a discussion leader for numerous accounting and auditing courses. Mr. Oestriecher was presented the 1998 and 2005 Outstanding Discussion Leader Award by the LCPA, and received the 2006 AICPA Outstanding Discussion Leader Award. Mr. Oestriecher is a member of the AICPA and the Louisiana Society of CPAs (president, 2002). He has also served on the AICPA Accounting and Review Services Committee (2000-04), and is a past member of the AICPA Council. He is a member of the AICPA Joint Trial Board and the AICPA Virtual Grassroots Panel. (Speaker)



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