- NY Credits : 4.0
- TX Credits : 4.0
Fraud 101 - A Basic Prevention Guide for Small Businesses
The CPA profession has celebrated its first century of service to the business and investing community. Throughout that century, the accounting profession, for the most part, has been allowed to operate in a self-regulated environment. For many years accounting has stood out as one of just a few careers that could be called a profession because of self-regulation. A significant part of that self-regulation is that the accounting profession is responsible for establishing the accounting standards by which financial statements are to be prepared and also the auditing standards that auditors are to follow in auditing those financial statements. It will come as no surprise to anyone that confidence in corporate America has been shaken by a series of accounting scandals. The scandals of Enron and Parmalat and others have heightened sensitivities over the role structured financing has played in questionable accounting practices. As business combinations have become more complicated and reports of accounting scandal and fraud become more prevalent, other authorities have intervened. In this program, we will focus on basic elements of fraud, evaluating the risks of fraud and discussing ways to implement the processes, procedures, and controls needed to mitigate such risks.
Upon successful completion of Fraud 101 - A Basic Prevention Guide for Small Businesses, the user should be able to:
recognize the key concepts and definition of fraud,
identify differences between civil and criminal life in relations to fraud,
recognize ways to eliminate or reduce fraud risk,
identify ways to reduce the opportunities for fraud, and
recognizes the auditor's responsibility concerning fraud in a financial statement audit.