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Course Details

Types of Financial Statement Fraud: Key Schemes and How They Are Carried Out (Course Id 2521)

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Author : Kelen Camehl, CPA, MBA
Course Length : Pages: 68 ||| Word Count: 26,044 ||| Review Questions: 12 ||| Final Exam Questions: 20
CPE Credits : 4.0
IRS Credits : 0
Price : $35.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry
Technical Designation: Technical
Primary Subject-Field Of Study:

Auditing - Auditing for Course Id 2521

Description :

This course provides an overview of the various forms of financial fraud and manipulation that can distort financial statements and mislead stakeholders. It addresses tactics used by some companies to artificially inflate revenue, understate liabilities, mismanage assets, and misreport disclosures. By understanding these fraudulent practices, auditors can better identify these types of frauds and ensure more accurate and transparent financial reporting for stakeholders.

Usage Rank : 25000
Release : 2025
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 29-Mar-2025
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - NASBA Registry - 2521

Keywords : Auditing, Types, Financial, Statement, Fraud, Key, Schemes, Carried, Out, cpe, cpa, online course
Learning Objectives :

Chapter 1
Revenue and Earnings Manipulation

Upon completion of this chapter, you will be able to:
  • Identify common methods of manipulating revenue and earnings in financial statements
  • Recognize indicators of inflating earnings with non-recurring items and overstating deferred revenue
  • Distinguish between legitimate and fraudulent journal entries
  • Recognize indicators of backdating transactions and how they can impact financial reporting

Chapter 2
Expense and Liability Fraud

Upon completion of this chapter, you will be able to:
  • Identify fraudulent activities that involve understating expenses and liabilities in financial statements
  • Recognize common schemes for misclassifying financial statement items and manipulating reserves
  • Distinguish between legitimate and fraudulent lease classifications under accounting standards

Chapter 3
Asset and Equity Mismanagement

Upon completion of this chapter, you will be able to:
  • Identify fraud schemes that involve overstating assets and manipulating equity
  • Recognize fraud indicators related to depreciation, amortization, and stock option accounting
  • Differentiate between legitimate and fraudulent related party transactions

Chapter 4
Disclosure and Reporting Fraud

Upon completion of this chapter, you will be able to:
  • Identify indicators of misleading disclosures and misreporting of foreign currency transactions
  • Recognize red flags indicating failure to disclose contingent liabilities
  • Distinguish between legitimate and fraudulent consolidation practices

Course Contents :

Chapter 1 - Revenue and Earnings Manipulation

Chapter Overview

Learning Objectives

Introduction

Non-Recurring Items

Detecting Improper Use of Non-Recurring Items

Overstating Deferred Revenue

Common Mistakes in Deferred Revenue

Intentional Mistakes in Deferred Revenue

Detecting Intentional Misstatements in Deferred Revenue

Backdating Transactions

Detecting Backdating

Fraudulent Journal Entries

Detecting Fraudulent Journal Entries

Conclusion

Review Questions

Chapter 2 - Expense and Liability Fraud

Chapter Overview

Learning Objectives

Introduction

Misclassifying Financial Statement Items

Improper Use of Reserves

Misrepresenting Lease Classifications

Structuring Transactions to Avoid Regulatory or Accounting Thresholds

Conclusion

Review Questions

Chapter 3 - Asset and Equity Mismanagement

Chapter Overview

Learning Objectives

Introduction

Manipulating Depreciation or Amortization Schedules

Related Party Transaction Fraud

Creating Shell Companies for Fraudulent Transactions

Manipulating Stock Option Accounting

Conclusion

Review Questions

Chapter 4 - Disclosure and Reporting Fraud

Chapter Overview

Learning Objectives

Introduction

Failure to Consolidate Related Entities

Failure to Disclose Contingent Liabilities

Misreporting Foreign Currency Gains or Losses

Misleading Disclosures

Best Practices for Ethical Financial Reporting

Conclusion

Review Questions

Glossary of Key Terms

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