Bisk CPEasy - America's Best Selling CPE Programs for Public & Industry CPAs Since 1971
About CPEasy    Inquiries    Free Demo    Noted Authors    Learning Formats    FAQ    Contact Us    News
Bisk CPEasy - America's Best Selling CPE Programs for Public & Industry CPAs Since 1971
 
855-300-9391
Login
Forgot Username/Password? Already have an account? Click below to login:
New user? Please register to get an account:
Cart
Total $0.00
CPE Shopping Cart Cart contains 0 items
View Cart  |  
Product Search


Advanced Search:



855-300-9391
 
Home > Accounting & Auditing > Fraud 101: A Basic Guide for Auditors
Prerequisite
None
Knowledge Level
Basic
Copyright 2012

Publication Date
August, 2012
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: August 2012
Copyright ? 2012 by Bisk Education, Inc. All rights reserved.
Recommended CPE Credits: 12 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:

  • Explain how fraud is prosecuted, both criminally and civilly

  • Explain financial reporting, responsibility for financial statements, and the nature of financial statement fraud

  • Discuss how assets other than cash are misappropriated

  • Identify bribery, conflict of interest, vendor/customer fraud schemes, as well as how to detect and prevent these schemes

  • Discuss how to reduce the opportunities for fraud

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

  • Identify common fraud schemes against small businesses

  • Explain the relevance and importance of ?404 of the Sarbanes-Oxley Act

  • List of the differences between internal control over financial reporting and disclosure controls and procedures



J. Russell Madray, CPA, CIA, CMA, CFM, is president of The Madray Group, Inc., which helps businesses, accounting firms, and other organizations understand and implement technical accounting and auditing issues. The Madray Group, Inc. specializes in providing technical reviews, inspection services, and technical assistance to small and medium size accounting firms throughout the U.S.

As an author, Mr. Madray 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 speaks to hundreds of groups each year on accounting and auditing topics and has made presentations in more than 40 states and several foreign countries.

Mr. Madray has more than 20 years of professional experience, including 15 years in public practice. In 1996, he formed The Madray Group to support and facilitate the range of services offered by CPAs to their clients and to assist CPA firms in meeting the changing needs of their profession. Mr. Madray also serves as a senior lecturer at Clemson University's School of Accountancy and Legal Studies.

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 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 a past member of the Board of Directors of the SC Association of CPAs.

Mr. Madray is a native of Greenville, SC and resides there with his wife, Beth, and their two children. He is an avid runner and, between writing and speaking engagements, he finds time to compete in triathlons. (Author and Speaker)

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)

Buy Now
Select your learning format 
Qty. FormatCreditsProduct # Unit Price Ext Price
3264 Online16ONL5975 $179.00
3263 TextBooks12CPE5972B $145.00
3267 Video DVD16CPE5971DQ $249.00
 
Site Search
CheckPoint Learning Virtual Conferences
New Tax Research Certificate Program
Firm-wide Training with CPE Network
Free Weekly Podcasts
Monthly News Reports
CPE for Certified Financial Planners
CyberSource Logo

Security & Privacy
Every transaction on CPEasy.com is secure. Any personal information you give us will be handled according to our Privacy Policy.

Returns Are Easy
Not quite right? Access our return policy by clicking Return Policy.
CPE Sponsors Logo
Bisk CPEasy 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. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

Enrolled Agents Sponsor ID Number: 1KOBG. We have entered into an agreement with the Office of Professional Responsibility, Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the Office of Professional Responsibility as to the quality of the program or its contribution to the professional competence of the enrolled individual.