Course Description:
Fraudulent financial reporting has received significant press in recent years due to the well publicized failures and frauds at Enron, MCI and Adelphia. These financial fraud schemes have ranged from basic to complex ploys to mislead investors by improving financial results. In this courses, students will be introduced to common fraudulent reporting schemes and methods to detect and document the fraud.

Course topics will include:

• Review of SAS 99
• Common fraudulent financial reporting schemes
• Detecting fraudulent schemes
• Financial fraud indicators

• Describe fraudulent schemes used by CUC/Cendent, Infomix, Waste Management and Lucent.
• Explain the 4 significant changes to the financial reporting community after the Enron bankruptcy.
• Outline three major components of SAS 99.
• Describe the 5 major causes for financial reporting fraud.
• Explain the major components of financial statements.
• Explain the significance of the loan to deposit ratio and maturity matching concept.
• Create a simple Statement of Cash Flows.
• Explain common financial relationships between A/R turnover, Inventory turnover, and A/P turnover.
• List the 7 liquidity stress indicators.
• Describe 4 common fraudulent financial reporting schemes.
• Explain differences between four common accountant's reports: audit, review, compilation, and disclaimer.
• Perform basic financial analysis.
• Describe common financial reporting schemes revenues (11 types) and expenses (4 types).

Continuing Professional Education (CPE) Information for Accountants:
This course equals 10.5 CPEs.

Course syllabus can be downloaded here