What you'll learn:
- Identify Frauds in Financial Statements
- Understand the 5 Fraud Schemes in Financial Statement Frauds
- Identification of Red Flags of the Financial Statement Fraud Schemes
- Learn The Key Ratios & Parameters to detect Financial Statement Frauds
- Learn Fraud Prevention Techniques
Financial Statement Frauds constitute one of the highest median loss in occupational fraud landscape.
As per Reports To The Nation Survey, 2022, published by The Association of Certified Fraud Examiners (ACFE), Financial Statement Fraud Schemes constitute 9% of the total fraud and a median loss of $593000.
The top management (CXOs) are primarily responsible for such frauds.
Not having ethical tone at the top and managements power to override existing controls contribute to such frauds.
You will learn the following in this course:
What is financial statement fraud?
The Fraud Tree
The Fraud Triangle by Dr. Donald Cressey which includes:
Pressure
Opportunity
Rationalization
Fictitious Revenue
Red Flags to identify Fictitious Revenue
Timing Differences
Red Flags to identify Timing Differences
Improper Asset Valuation
Red Flags to identify Improper Asset Valuation
Concealed Liabilities & Expenses
Red Flags to identify Concealed Liabilities & Expenses
Improper Disclosures
Red Flags to identify Improper Disclosures
How to analyse Financial Statements
Vertical Analysis
Horizontal Analysis
Ratio Analysis
Tax Return Analysis
Prevention of Financial Statement Frauds
Simple techniques and examples, illustrations have been used in an immersive way to enhance learner experience. Concepts are explained in a lucid manner enabling beginners to CXOs to understand the frauds perpetrated in financial statements.
