2 CPE 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.
Note: Information within this course comes from readily available public domain documents and is utilized by the trainer as a supplement for relaying the course content.
Learning Objectives
- 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.
Last updated/reviewed: August 20, 2023
Included In Certifications
This course is included in the following Certification Programs:
11 CoursesBusiness Fraud Identification and Prevention Certification
- Introduction to Forensic Accounting
- The Fraud Triangle
- Fraud: Focus on Corruption
- Fraud: Focus on Fraudulent Disbursements
- Fraud: Focus on Cash And Assets
- Fraud: Focus on Inventory
- Fraud: Focus on Financial Statement Fraud – Part One
- Fraud: Focus on Financial Statement Fraud – Part Two
- Fraud and COSO 2013
- Top Occupation Fraud Schemes - ACFE Report to the Nations
- Fraud Risk Assessments
53 Reviews (234 ratings)
Reviews
Isaac DAlessandro
(Sr. Auditor at N/A)
She explains the slides, however, she seems to read more from the slides than she needs to. The biggest problem I found is that when she skips a word or phrase from the slides, she stutters and tries to go back to reading slides exactly as opposed to just saying what she means and then gives an example. But she did a good job.
Zach Cooper
(Director of Accounting at Acorns Grow Inc)
Delivery is pretty monotone and lacks charisma to hook you in. That said, course accomplishes the training it is meant to teach you. HIghly recommend using the continuous play feature so you don't have to keep clicking through every 7 minutes.
Anonymous
(Associate Director)
The course gives a great overview of common types of fraud within financial reporting that an auditor and management need to be aware of as there is always pressure for a financial entity to show strong operational performances.
Anonymous
(SOX Managing Director)
Trainor sometimes referred to vendors when she should have been referring to customers. But overall, good information with good examples discussed for different revenue recognition frauds.
Anonymous
(Senior Auditor)
This course provided a great introduction to potential financial statement fraud schemes. This would be great for any internal auditors or fraud investigators to view.
Michael Haddon
( at Defense Contract Audit Agency)
Great Course Great Course Great Course Great Course Great Course Great Course Great Course Great Course Great Course Great Course Great Course Great Course Great Course
Makarand Vaidya
(Senior Internal Auditor at Latitude12 Pty Ltd)
The course described the concept of Financial Fraud very effectively and it helped me understand the various types of financial statement fraud.
Anonymous
(Accounting Manager)
I thought the instructor was very thorough and provided excellent examples of fraud involving revenue and also techniques on how to detect it.
K Harper
( at JLL)
AGAIN, GREAT INSTRUCTOR WITH ON POINT MATERIAL- ALWAYS RELEVANT
Anonymous
(Internal controls manager)
This was a great course and helped me to understand different ways to find out mitigating procedures related to fictitious customers.
Anonymous
(Director)
This course is a good refresher. The topics are very well organized. The speaker is very clear and the examples provided are helpful.
Anonymous
(Consultant - Process Specialist)
The speaker discussed in great detail what are the common financial statement fraud that would impact the revenues of a company.
Anonymous
(-)
Another great course from Lynn Fountain, with real-world examples and audit strategies. Fast-paced and informative, as always!
Drew Semple
(Senior Associate at RSM)
I really enjoyed the course, learned a lot about the different types of financial statement fraud and examples for each type.
Anonymous
(SFA)
Another great course from Lynn. It provides great overview of potential fraudulent schemes related to financial statements.
Anonymous
(Systems and Procedures Analyst)
This was a very beneficial course, because of how critical fraud has became more and more of a problem in the work place.
Anonymous
()
This is a very interesting course on financial statement fraud. The presenter made use of very good real life examples.
Harish Krishnajirao
(Grey Market Program Manager at HP Inc)
Good course on financial statement fraud. The concepts are clearly defined and explained in the relevant sections
Anonymous
(IT Advisory Snr. Associate)
This is a refresher training on fraud. Nothing surprised me. This training will be most beneficial to beginners.
Anonymous
()
this course have a lot of great information that we need to prevent and detect the financial statements fraud.
Anonymous
()
This is a really good course. The information presented was helpful to me to prepare for the final exam.
Maxwell Hassenstein
( at NeoGenomics)
content similar to what you receive in training in big 4 around early senior years. Meets objective.
Anonymous
(CSR)
This course is very practical to describe the process of determining fraud with financial statements.
Jacqueline Westmoreland
(Internal Review Specialist at FDIC)
The course provided very valuable and helpful information in understanding financial statement fraud.
Anonymous
()
This course is very practical to describe the process of determining fraud with financial statements.
Anonymous
(Not Provided)
Good course on the basics to identify fraud and how to identify anomalies in financial statements.
Anonymous
(Director of Accounting)
Another great course by Ms. Fountain on fraud issues that relate to the financial statements.
Anonymous
(Internal Audit Manager)
Good overall course on some of the different aspects of fraud and how to mitigate fraud.
Anonymous
()
Some of these forms of Fraud I have never heard of till now. This was a great course.
Koye Arulogun
(CPA at EWM GROUP, PC)
Learnt a lot of new concepts that would enhance my professional performance on the job
Anonymous
()
This course provided a nice overall overview of financial statement revenue frauds.
Tracey Fischer
(Senior Internal Auditor at Self)
I liked the detail provided. I am looking forward to taking her other fraud courses.
Anonymous
(Partner)
Lynn taught a nice course. The standard financial fraud schemes were all covered.
Anonymous
(SURVEILLANCE LEADER)
An informative course on how organisations can manipulate their financial positions.
Elizabeth Watts
(Manager at RSM)
Easy to understand, topics are well organized, audit procedures are very helpful.
Anonymous
(Senior Manager)
This is useful course as I learned the knowledge on financial statement fraud
Anonymous
(System Procedure Analyst)
Learned how to identify and classify different financial statement frauds.
Anonymous
(Partner-In-Charge)
Great program, great questions on the exam as well.
thank you so much!
Anonymous
()
this fraud course on financials is good for anyone in the business field
Anonymous
(Accountant)
Another excellent course by Lynn Fountain. Interesting and well written.
Anonymous
(Consultant)
Great teacher and awesome course. I really enjoy using the platform.
Sylvia Ratliff
(internal audit consultant at self employed)
Some good information in this module. A couple of new terms for me.
Penny Conselman
( at USG)
This course provides an understanding of financial statement fraud.
Anonymous
()
well developed and presented course that fully met its objectives.
Carolyn Sucha
(Internal Auditor at Google)
class was easy to follow and very insightful for earning CPE!
Anonymous
(Senior Accountant)
Good course, I thought it provided a solid high level summary.
Chris Grimes
(Rules Master at Cisco)
Good overview of fraud as it relates to financial statements.
Anonymous
(Director)
The instructor provides good overview of the information.
Anonymous
()
Good material, Good instructor, needed more live examples
Theodore Zeck
(Certified Public Accountant at Theodore R. Zeck, CPA)
Easy to understand and logical. Will take Part Two!
Guan-Ru Lai
( at not available)
I examined the concepts of revenue recognition fraud
Anonymous
()
Includes unusual terms for those new to fraud audit
Anonymous
(Senior Accountant)
I like the review questions
Prerequisites
Course Complexity: Intermediate
No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.
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
.
Lynn FountainCPA, CGMA, CRMA, MBA, Consultant, Author, Trainer
About Illumeo
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