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: August 6, 2023
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Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Certification - 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
32 Reviews (153 ratings)

Reviews

4
Anonymous Author
Course offered eye-opening statistics on methods, perpetrators, detection, and prevention. Course spends a large amount of time on statistics. Would like to see more practical examples and larger focus on prevention and detection, rather than just facts on what already is.
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
I liked all the statistics provided in this course from the ACFE Report, and ideas and strategies to prevent fraud. It was also helpful that she considered the practicality of some of these measures for small companies.
5
Anonymous Author
The assignments and assessments in the course were challenging and well-designed. They provided ample opportunities for me to test my understanding and apply the knowledge gained.
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
Anonymous Author
Great course and well taught by the professor. I would recommend this course to others. The slides were very useful and had great information on them.
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
Fraud trends highlighted many things that my current company does internal to educate about the various methods of fraud.
5
Anonymous Author
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4
Member's Profile
A good variety of content; maybe a little heavy on the statistics, but there was good coverage on numerous topics.
4
Anonymous Author
Great refresher on fraud trends, concepts and examples are clear and the exam questions are very well drafted.
5
Anonymous Author
Good data about common fraud perpetrators/schemes to keep in mind during audits. Also really like the jokes.
5
Member's Profile
This course is a must attend for developing frauds in the area of cybersecurity and latest trends in fraud
4
Anonymous Author
Way to much emphasis on statistics and not enough focus on tools and techniques to prevent fraud.
5
Anonymous Author
Well organized course. Statistics on fraud types and characteristics are helpful as warnings.
5
Member's Profile
This course is very thorough and helpful, especially for those working in a smaller company.
5
Anonymous Author
It was full of great information about Fraud Trends. Info was well organized to follow!
5
Member's Profile
Interesting course, very well presented, held my interest and the jokes made me smile :)
5
Anonymous Author
Great course. Love this kind of information! Good for those interested in forensics.
5
Member's Profile
Excellent presentation of core concepts. Very well written and easy to understand.
4
Member's Profile
Reasonably well-planned orientation for the topic. Easy to understand and follow.
5
Anonymous Author
Great course Great courseGreat course Great courseGreat Great course course
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.
4
Member's Profile
Fraud Trends - Applying Real-life Lessons to Small and Mid-Size Entities
5
Member's Profile
The training was very informative and most of all I enjoyed the jokes.
4
Anonymous Author
This course provides a good overview of fraud schemes and trends.
3
Anonymous Author
good course would like more details about individual frauds
5
Anonymous Author
The information in this course was helpful and informative.
5
Anonymous Author
I enjoyed this course, and I found it very informative.
4
Member's Profile
One error in the practice exam regarding SOC controls.
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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 .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Learning Objectives for Fraud Trends0:32
  Overview7:55
  Analysis of Victim Organizations5:21
  Fraud Resolution6:14
  Most Common Fraud Schemes10:38
  Nature of Fraud Perpetrators7:47
  Behavioral and Other Red Flags8:59
  How is fraud detected6:12
  Anti-Fraud Controls13:10
  Focus on Management Oversight and Data Monitoring4:40
  Focus on Cyber Crime22:58
  Virtual Account Access Risk Mitigation5:40
CONTINUOUS PLAY
  Fraud Trends - Applying Real-life Lessons to Small and Mid-Size Entities1:40:12
SUPPORTING MATERIAL
  Slides: Fraud Trends - Applying Real-life Lessons to Small and Mid-Size EntitiesPDF
  Fraud Trends - Applying Real-life Lessons to Small and Mid-Size Entities Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam