This webinar focuses on fraud in the corporate environment. It reiterates some of the authoritative CPA literature related to fraud. It is, however, equally important to non-CPAs (e.g. internal auditors, corporate departmental managers, senior management, board members).
It provides basic understanding of fraud related definitions and requirements. In particular it separates the fraud discussion between:
- Fraudulent financial reporting ("cook-the-books" type frauds)
- Miss-appropriation of assets (traditional fraud involving embezzlement, kickbacks, stealing assets, using corporate cash for non-corporate expenses)
Learning Objectives:
Attendees will take away the following key learning objectives:
- What is fraud
- What is fraud risk
- What is fraudulent financial reporting
- What is misappropriation of assets
- What are examples of fraud risk factors
- What is the difference between potential fraud and actual fraud
- How is fraud risk identified and assessed
- How is fraud risk evaluated
- What are some typical frauds
Why Should You Attend:
- To become familiar with the authoritative auditing literature addressing fraud
- To distinguish between fraudulent financial reporting and misappropriation of assets
- To be able to conduct a fraud risk assessment
- To review typical frauds
- To use checklists, questionnaires and other tools for the audit or review of fraud
Areas Covered
- Fraud audit vs "regular" audit of financial statements
- Fraud risk definition
- Two major types of fraud and examples of each
- Fraud risk factors
- Potential fraud vs actual fraud
- Fraud assessment
Instructor
Paul J. Sanchez, CPA, CBA, CFSA, CGMA conducts a small CPA practice in Port Washington, New York. He is also the owner of Professional Service Associates (PSA), a consulting and professional training and development business servicing corporate clients (auditors, controllers, etc.), CPA firms, professional associations and others.
He was an assistant professor at Long Island University - C.W. Post Campus as well as an adjunct lecturer at City University of New York. Prior to starting PSA, he was the Vice President-Professional Development for the Audit Division of a regional bank and Director of Professional Practices and Vice President of a money-center bank, where he directed the professional practice development and training for internal auditors.
He also was on the technical staff of the Auditing Standards and Examinations Divisions of the AICPA. He practiced public accounting in the New York office of Deloitte where he also was a firm recruiter and in-house professional development instructor. He was an owner and auditing and accounting seminar leader for the Person/Wolinsky CPA Review Courses, a company that prepared candidates to pass the Uniform CPA Examination.
He is a frequent lecturer and seminar leader for accounting, auditing, banking, risk assessment and other professional presentations. He is the author of the textbook, "Accounting Basics for Community Financial Institutions" (Financial Managers Society, 2nd edition, Chicago, 2009) and the "Ideas an Analysis Letter: The Sanchez Take" (see www.sanchez-psa.com).
As a contributing author, his chapter on 'An Auditor's Approach to Risk-Based Auditing: What to Audit and When,' is included in the textbook, "Effective Auditing for Corporates: Key Developments in Practice and Procedures," (Bloomsbury Information, Ltd, London, 2012).