How are fraud schemes perpetrated? Who does it? How much is stolen? What controls can be installed to prevent and detect these schemes? These and other questions are answered by a review of landmark fraud studies – including those conducted by the Committee of Sponsoring Organizations (COSO), the Association of Certified Fraud Examiners (ACFE), large CPA firms, and others. A list of the Top Ten Fraud Schemes, based upon these studies, is provided. Fraud red flags for non-traditional schemes are addressed. The categories of non-traditional fraud schemes include corruption, Ponzi, and Asset Flip schemes. These non-traditional fraud schemes are not usually addressed in traditional fraud courses. However, numerous entities have incurred significant financial losses as a result of these schemes and issues concerning these schemes need to be addressed to prevent financial losses. These schemes methodologies, related red flags and internal controls to prevent and detect these schemes are addressed in detail. Real-world cases are provided to reinforce concepts.
Course ID: CL4FRAU
Fraud: Recent Findings, Red Flags and Corruption Schemes
- Identify the findings and implications of major fraud studies.
- Identify red flags associated with various types of fraud schemes.
- Apply preventive and detective controls concerning non-traditional fraud schemes.
- Recognize the characteristics, similarities and differences between Ponzi, Asset Flip, and corruption schemes.
- Distinguish a particular fraud scheme to specific landmark cases.
- In-depth review of classic and recent non-traditional fraud cases: ZeekRewards, Yelp, and others
- Results of recent notable fraud studies
- Conflicts of Interest and other policies
- Distinctions between Ponzi and Pyramid schemes
- Conflicts of interest (purchasing and sales schemes), Bribery (kickbacks and bid rigging), Ponzi, and other schemes
- SEC Response to Madoff Ponzi Scheme
DESIGNED FORBusiness owners, managers, supervisors, employees, accountants and auditors
FIELD OF STUDY