(CPE Savers) The Most Common Financial Statement and Asset Fraud Schemes: How to Detect and Prevent Them

Code: CS-TTFS4

Date Monday, July 29, 2019
Time 8:30am - 12:00pm
Central Time
Location Minnesota Society of CPAs
1650 W 82nd St Ste 600
Bloomington, MN 55431-1458
Map & directions
CPE credits CPE 4.0
of study
Auditing - Technical (4.0)
Instructor Vincent Lloyd, CPA,PFS
Vincent J. Lloyd, CPA/PFS, EA
Standard member fee $99.00
checkmarkStandard nonmember fee $129.00

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Fraud schemes cost organizations millions of dollars, countless hours of trouble and irreparable damage to trust. Fraudsters can get away with it when you miss the red flags or when your systems lack proper internal controls. In this eye-opening course, explore real-world examples illustrating how common frauds are committed so you know what to look for. Find out how to design and implement cost-effective controls to prevent fraud and protect the business.

This course is part of the CPE Savers program, seminars led by new MNCPA instructors.

Who should take this program?

CPAs, accountants and auditors in public practice and industry

Major subjects

  • Financial statement frauds and their red flags -- sales and other types of revenue, estimates, journal entries and other accounts
  • Misappropriation of asset frauds and their red flags -- skimming and larceny schemes involving inventory, payables and other accounts
  • Lessons learned from landmark fraud cases -- WorldCom, Phar-Mor, McKesson and Robbins, Waste Management, MiniScribe, Stew Leonard and others
  • Analytical procedures to detect various types of fraud

Learning objective(s)

  • Identify the schemes used to misstate revenue, inventory, asset overstatements, estimates and other accounts
  • Distinguish suspicious journal entries
  • Determine the red flags associated with fraud schemes concerning revenue, inventory, asset overstatements, estimates and other accounts
  • Apply analytical procedures to detect various types of fraud
  • Compare fraud schemes to landmark cases


Course code Code CS-TTFS4
Sponsor MNCPA
NASBA ID#: 139884
Level Intermediate
Format Group Live
Prerequisites Prereq. Experience in accounting and reporting recommended.