Description
This course builds off Focus on Financial Statement Fraud part one. It delves further into concepts of financial statement fraud as defined by the Association of Certified Fraud Examiners (ACFE). The ACFE fraud tree categorizes types of fraud schemes into three areas: CorruptionAsset MisappropriationFinancial Statement (FS) FraudFinancial 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. In part one of this series, we focused on areas of revenue recognition. This course will focus on other portions of the fraud tree under financial statement fraud including timing, concealed liabilities and revenue, overstated liabilities and expenses, improper asset valuation and improper disclosures. Each of these areas are critical component for understanding financial statement fraud. 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.
