Fraud: Focus on Financial Statement Fraud – Part One

This course focuses on the areas of financial statement fraud.

4.35 (22 reviews)
Udemy
platform
English
language
Other Finance & Economic
category
93
students
1.5 hours
content
Oct 2020
last update
$54.99
regular price

What you will learn

Explore the meaning of financial statement fraud.

Discover the concept of revenue recognition fraud.

Explore frauds and mitigating procedures related to fictitious customers.

Explore cases and mitigating factors for round-tripping, consignment sales and channel stuffing.

Discover revenue frauds created by special term agreements including up-front fees, side agreements and promotional allowances.

Explore mitigating procedures for special term agreements.

Description

The Association of Certified Fraud Examiners (ACFE) fraud tree categorizes types of fraud schemes into three areas:

  • Corruption

  • Asset Misappropriation

  • Financial Statement (FS) Fraud

Previous courses have addressed corruption and asset misappropriation. This course focuses on the areas of financial statement fraud related to revenue. Revenue processes can be complicated and provide an inherent opportunity for inappropriate activity.

Financial Statement Fraud is the deliberate misrepresentation of the financial condition of an enterprise. It is accomplished through intentional misstatement or omission of amounts or disclosures in the FS to deceive financial statement users.  According to the ACFE’s Report to the Nation, in 2016, financial statement fraud comprised 9.6% of cases with a median dollar loss of $975,000.  The typical duration of financial statement fraud prior to detection is 24 months.

There are numerous methods under which revenue should be recognized.  Accordingly, there are numerous ways perpetrators try to side-step the process and override the proper revenue recognition requirements.  Financial personnel must remain vigilant and understand the types of financial frauds that can be perpetrated in their company.

This course is brought to you by Illumeo. Illumeo, incorporated in 2009, is revolutionizing the hide-bound world of corporate learning. Illumeo works with corporate professionals and organizations of all sizes to build the skills and capabilities that help everyone be an expert at their job. Based in Silicon Valley, CA, Illumeo serves thousands of corporations and corporate professionals across Finance, Accounting, Human Resources, Sales, and Marketing. The platform offers assessments, industry-benchmarked competency analyses, hundreds of expert-developed courses, collaborative tools, and the ability for companies to self-publish internal courses that promote institutional knowledge retention and dissemination. Illumeo is the place for expertise management and we are dedicated to the proposition that everyone can be an expert at their job.

Content

Introduction

Introduction to Focus on Financial Statement Fraud Part One
Revenue Rec - FS Fraud
Revenue Recognition
Methods of False Revenue Recognition
Round Tripping
Consignment Sales
Procedures
Channel Stuffing
Other Rev Rec Considerations

Supporting Materials

Slides: Focus on Financial Statement Fraud – Part one
Focus on Financial Statement Fraud – Part one Glossary/Index

Review and Test

Review Questions
FINAL EXAM

Screenshots

Fraud: Focus on Financial Statement Fraud – Part One - Screenshot_01Fraud: Focus on Financial Statement Fraud – Part One - Screenshot_02Fraud: Focus on Financial Statement Fraud – Part One - Screenshot_03Fraud: Focus on Financial Statement Fraud – Part One - Screenshot_04

Reviews

Chris
June 22, 2023
Yes. I have a lot of experience in accounting, and financial reporting and tax returns. -- I was able to answer all quizzes correctly. -- Very interesting material, looked upon in this course from a different point of view from what I normally see.

Charts

Price

Fraud: Focus on Financial Statement Fraud – Part One - Price chart

Rating

Fraud: Focus on Financial Statement Fraud – Part One - Ratings chart

Enrollment distribution

Fraud: Focus on Financial Statement Fraud – Part One - Distribution chart

Related Topics

1436352
udemy ID
11/17/2017
course created date
4/17/2021
course indexed date
Bot
course submited by