According to a study conducted by the Association of Certified Fraud Examiners (ACFE), fraudulent financial statement accounts for approximately 10% of incidents concerning white collar crime. Asset misappropriation and corruption tend to occur at a much greater frequency, yet the financial impact of these latter crimes is much less severe. ACFE defines fraud as "deception or misrepresentation that an individual or entity makes knowing that the misrepresentation could result in some unauthorized benefit to the individual or to the entity or some other party." Greed and work pressure are the most common factors pushing management to deceive investors and creditors.
 
Financial fraud is a serious white-collar crime that often comes with heavy punishment and fines. We’ll look at the key controls that should be considered to mitigate risk and identify fraud.  We’ll discuss five case studies that provide solid examples and identify the “red flags” of financial statement fraud.
 
Learning Objectives:

• Learn the controls and techniques that will mitigate the risk of financial statement fraud.


• Identify the “red flags” and indicators of financial statement fraud.


• Learn about “real life” examples of financial statement fraud by delving into five significant case studies.