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Fraud involves an intentional act to deceive, which may result in material misstatement in the financial statements due to fraudulent financial reporting or misappropriation of assets. Management’s responsibility is to design, implement, maintain and monitor a system of internal control to prevent, or detect and correct, fraud. This module will focus on real-life and practical examples of fraud in smaller- and mid-size environments, including nonprofits.

Major Topics:

  • Fraud trends per the most recent Association of Certified Fraud Examiners (ACFE) Annual Report on Fraud and Abuse
  • Real-life examples of fraud in nonpublic entity and nonprofit environments
  • Cyber-security risks of fraud

Learning Objectives

  • Discover and discuss the cause and impact on real-life fraud cases.
  • Explore and explain what to be alert for in an audit in order to identify fraud potential.
  • Recognize and focus on real-life and practical examples of fraud in smaller- and mid-size environments, including nonprofits.
Last updated/reviewed: May 12, 2022

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Level 3 - In-Charge/ Senior

  1. Fraud Trends - Applying Real-life Lessons to Small and Mid-Size Entities
  2. Reviewing Workpapers - Embracing Responsibilities for Quality Control
  3. Advanced Audit Planning Concepts - Ensuring an Effective and Efficient Audit
  4. Internal Controls to Mitigate Financial Reporting Risk - Designing Stronger Internal Controls for Small or Mid-Size Entities
  5. Auditing Revenue Recognition - Grasping the Higher Risks and Special Audit Considerations
  6. Auditing Contingencies and Going Concern Uncertainty - Testing for Completeness and Proper Disclosure
  7. Audit Reporting Advanced Concepts - Understanding the Impact of General Audit Procedures on Disclosures and Audit Report Modifications
  8. Critical Traits of a Thinking Auditor - Stretching Experienced Auditors Beyond the Basics
  9. Client and Engagement Management - Managing the Black Holes that Erode Profitability
  10. Supervisor Skills - Coaching Staff to Stay on the Right Track
  11. Professional Ethical Considerations for CPAs
  12. Accounting Update - Hot Topics for Preparing Current Period Financial Statements
  13. Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services

11 Reviews (61 ratings)Reviews

4
Member's Profile
Good statistical data regarding fraud. Would be interesting to see trend adjustments as more automation in various industries and activities, as well as the impact of the covid pandemic. Would be more interesting with more real world examples/stories.
5
Anonymous Author
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4
Member's Profile
Very interesting course that covers common frauds and recommended best practices to prevent fraud. I enjoyed seeing all the statistics included in the course.
5
Member's Profile
Good information for me since I work in a small business. Will be able to apply to my job to try and look for unusual transactions.
4
Anonymous Author
Great refresher on fraud trends, concepts and examples are clear and the exam questions are very well drafted.
4
Anonymous Author
Way to much emphasis on statistics and not enough focus on tools and techniques to prevent fraud.
5
Member's Profile
This course is very thorough and helpful, especially for those working in a smaller company.
5
Anonymous Author
Great course. Love this kind of information! Good for those interested in forensics.
4
Member's Profile
Reasonably well-planned orientation for the topic. Easy to understand and follow.
4
Anonymous Author
Very good overall course with some good tips and tricks in the fraud area.
5
Member's Profile
Long course, but lots of information; from statistics to recommendations.

Prerequisites

Course Complexity: Intermediate

Prerequisite: Experience on basic audit engagements
Designed For: Accountants responsible for advising audit clients on how to prevent or detect fraud, as well as identifying and responding to fraud risk.

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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
  0:32Learning Objectives for Fraud Trends
  7:55Overview
  5:21Analysis of Victim Organizations
  6:14Fraud Resolution
  10:38Most Common Fraud Schemes
  7:47Nature of Fraud Perpetrators
  8:59Behavioral and Other Red Flags
  6:12How is fraud detected
  13:10Anti-Fraud Controls
  4:40Focus on Management Oversight and Data Monitoring
  22:58Focus on Cyber Crime
  5:40Virtual Account Access Risk Mitigation
CONTINUOUS PLAY
  1:40:12Fraud Trends - Applying Real-life Lessons to Small and Mid-Size Entities
SUPPORTING MATERIAL
  PDFSlides: Fraud Trends - Applying Real-life Lessons to Small and Mid-Size Entities
  PDFFraud Trends - Applying Real-life Lessons to Small and Mid-Size Entities Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM