This course uses cases of three recent accounting frauds to demonstrate the importance of internal controls, management oversight by the board of directors and an organizational emphasis on ethics in the prevention of fraud. It also examines the CPA auditor’s responsibility for internal controls and the prevention and detection of fraud as part of its work. The case studies utilized relate to Koss Corporation, Fair Finance Company and Diamond Foods.

Learning Objectives
  • Recognize the auditor responsibility for internal controls and fraud detection as part of its audit
  • Associate fraud with inadequate internal controls
  • Recognize the importance of independent board of director and audit committee oversight inthe prevention of fraud
Last updated/reviewed: August 22, 2023
43 Reviews (165 ratings)

Reviews

5
Anonymous Author
An interesting case study, hadn't heard of this one before

5
Member's Profile
Interesting fraud cases and the structure was good noting the fraud, the motivations and how the fraud could have been prevented/steps to take in the future. However, please proofread the text. There are some obvious grammar and spelling errors that make this look unprofessional.

5
Anonymous Author
I love reading about the fraud cases, as it provides background on things to watch out for and to help create internal controls that will in effect limit these types of scenarios from occurring.

5
Anonymous Author
Interesting case studies on fraud. Understanding these studies, the motivations to commit fraud, and the proper controls to reduce the risk can help to both identify fraud and reduce fraud risk.

4
Member's Profile
I enjoyed reading real-life fraud cases. I personally could use more accounting experience, as I did not understand why it was unexpected that A/R was higher at year end was a red flag.

4
Member's Profile
Good case studies with analysis of how the fraud was perpetrated, motivation for the fraudulent activities, discussions of internal control failures, and implication for auditors.

5
Anonymous Author
Interesting cases and great breakdown of how fraud happened and what we as CPAs need to be on the look out for in order to make sure it doesn't happen under our watch.

5
Member's Profile
I really enjoyed this course because it was more of a case study with three different companies as examples. Made things a lot more interesting. Definitely recommend!

5
Anonymous Author
Very interesting read on a fraud case. Helps reader identify all of the things the entity did wrong in terms of Auditors, Board of Directors and Internal Controls.

5
Anonymous Author
Great class and some interesting insight into the problems that can arise from a lack of internal controls. Made me want to learn more about the auditing process.

5
Anonymous Author
This course was all about fraud case studies and what gave rise to the opportunity and also what could have been done to prevent it. Excellent course!

5
Anonymous Author
Interesting to read these real-life examples of fraud. Great learning tool to help highlight the importance of SOX and appropriate internal controls.

5
Anonymous Author
The case studies were very interesting to read. The materials provided a good summary after each case to outline the reasons why the fraud occurred.

5
Member's Profile
Great examples of how fraud can be conducted and not be detected and how strong internal controls could have prevented the frauds.

4
Anonymous Author
This course is comprised of case studies and, while interesting, I would have liked more details of the statutes and guidance.

5
Member's Profile
Very interesting and informative. I like how they gave application to both CPAs in industry as well as public accounting.

5
Anonymous Author
I really enjoyed the accounting fraud text-based course. The examples are very useful to share with my organization.

4
Anonymous Author
The content was valid, although it was very basic. Grammatical errors distracted from the course presentation

5
Anonymous Author
The cases were interesting reading and the information was presented in a manner that was easy to understand.

5
Anonymous Author
interesting contemporary fraud cases that illustrate lack of controls and ineffecting board structures.

5
Anonymous Author
Thank you for the course, it was an easy one to add to my assets. I wish all courses were like that.

4
Anonymous Author
Informative. Lots of information about recent frauds and great information regarding what was missed.

3
Anonymous Author
A video with some slides would have made the course more interesting but the content was very good.

5
Member's Profile
very high quality writing! fascinating case studies. the text version works better than videos.

5
Member's Profile
Interesting and different case studies highlighting how fraud can be perpetrated in many ways.

5
Member's Profile
Great examples Fraud and the importance of good and effective internal controls. Great course!

5
Anonymous Author
Good reminder of what can go wrong when appropriate controls and oversight are not in place.

5
Member's Profile
A good overview of accounting fraud. Many good insights identified. My first text class.

5
Anonymous Author
Great work, thank you so much, great work, very informative, great document, great read!

5
Anonymous Author
Very well written and concise summaries! I really enjoyed reading about these cases!

4
Member's Profile
The course provided information on fraud occurrences about which I was unfamiliar.

5
Member's Profile
Accounting Fraud (Text Based Course) - a true barn burner of mystery and fraud.

5
Anonymous Author
Course was very helpful and gave really good examples on fraud situations

5
Anonymous Author
Very interesting cases, all new to me. I like the text-based format.

4
Anonymous Author
interesting case studies. well organized content and easy to follow.

4
Anonymous Author
Very informative course. Will definitely assist in the audit field.

5
Anonymous Author
Interesting and informative examples of real life fraud cases.

5
Anonymous Author
Interesting cases to read through. Worth the read and time.

5
Anonymous Author
Accounting Fraud (Text Based Course) is an excellent course.

5
Anonymous Author
This was a thorough examination of 3 different fraud cases.

4
Anonymous Author
interesting examples and good overview of accounting fraud

5
Anonymous Author
Good course on accounting fraud, thorough and detailed.

5
Anonymous Author
One of the best classes. I enjoyed each of the cases.

Prerequisites
Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
COURSE MATERIALS
  Accounting FraudPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam