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Detecting Fraud in Financial Statements

Exam Questions: 20
Course Level: Basic
Pages: 114 | Content: 106, Supplemental: 8
NASBA Area of Study: Auditing
Not Acceptable for: Enrolled Agents
Version: 7170C

This course explores different methods of detecting and investigating fraud in any organization. It provides the knowledge necessary to identify where financial statement fraud happens, when to expect it, and how to detect it. It includes a wide range of detection tools, from the simplest of ratios to complex analyses and tests. PLEASE NOTE: Not accepted for Enrolled Agents. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • Disclosure Fraud
  • Detecting Financial Statement Fraud
  • Financial Statement Analysis
  • Ratio Analysis
  • Other Detection Procedures
  • Fraud or Honest Mistake?
  • Assessing (or Minimizing) Auditor Liability
  • Financial Statement Fraud Indicators
Objectives
  • To recall various types of disclosure fraud
  • To identify methods for detecting financial statement fraud
  • To recall techniques to detect fraud
  • To recognize various ratio analysis tools
  • To identify various detection procedures for financial statement fraud
  • To recognize characteristics of fraud and an honest mistake
  • To identify audit techniques for identifying financial statement fraud
  • To recognize various asset-based, revenue-based, and expense/liability-based fraudulent schemes

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.