Financial Accounting Best Practices

Financial Statement Frauds v2.2

In this course, the fraud triangle will serve as the backdrop for examining financial statement fraud. The three elements of the fraud triangle – pressure, opportunity, and rationalization – will be analyzed in the context of misrepresentation of financial statements. Cookie jar reserves, a creative accounting scheme used to manipulate reported earnings, will be discussed in depth. Sixteen specific financial statement fraud cases have been selected as representative of the major frauds that take place in organizations. Summaries of each case, along with the causes and motivations behind them, are discussed.

Learning Objectives:

After completing this course, the course participant should be able to:

  • Define the fraud triangle.
  • Recognize the characteristics of a cookie jar reserve.
  • Identify red flags associated with financial statement fraud.
  • Identify the fraud schemes in the context of 16 major financial statement frauds including HealthSouth, Tyco, and Rite Aid.


Prerequisites/Advanced Preparation:

None

Speaker / Author:

John M. Fleming, licensed as a CPA in Pennsylvania, has served as the President and Director of Accounting and Auditing for Kaplan Financial Education, powered by Loscalzo Institute and also as the Director of Content Development for Kaplan Financial Education, powered by SmartPros. John retired from Kaplan in October of 2017. In retirement, John continues to provide seminars as a discussion leader for Kaplan Financial Education on a part-time basis.

John's prior practice experience includes audit, tax, consulting, office management, and human resource responsibilities with Deloitte LLP, Richard Eisner & Company LLP, and Ernst & Young LLP. John is a graduate of LaSalle and Drexel Universities with degrees in accounting and finance.

John served as the 1999/2000 President of the 8,300 member Greater Philadelphia Chapter of the Pennsylvania Institute of Certified Public Accountants (PICPA). In 2006, the PICPA recognized John as a Joseph E. Sterrett Fellow for his contributions to the accounting profession and in 2007, the Philadelphia Chapter recognized John with their Champion Award for his contributions to the PICPA, Chapter, profession and community. John has also served as the 2002/2003 President of the American Accounting Association's Mid-Atlantic Region.

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Price (USD)

Standard: $24.95

Details

Course Code : 99FLE09-v2A1

Release Date : 04/01/2024
Expire Date : 05/31/2026
Credits :
CPE 1.00
QAS 1.00

Length : 50min
Course Level : Basic
Course Type : QAS Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Auditing

Theme : Financial Accounting Best Practices

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