According to a study conducted by the Association of Certified Fraud Examiners (ACFE), fraudulent financial statement accounts for approximately 10% of incidents concerning white-collar crime. Asset misappropriation and corruption tend to occur at a much greater frequency, yet the financial impact of these latter crimes is much less severe. ACFE defines fraud as "deception or misrepresentation that an individual or entity makes knowing that the misrepresentation could result in some unauthorized benefit to the individual or the entity or some other party." Greed and work pressure are the most common factors pushing management to deceive investors and creditors. The most costly of all the frauds, financial statement fraud has a mean average of $800,000 per case that is found. Financial statement fraud is, according to the ACFE, the largest single-event fraud perpetrated by fraudsters.

Join Dave Oswald in this Auditing CPE webinar as he reviews some recent financial statement frauds, many of which rocked the world's financial markets.

Learning Objectives:

• Determine how to find fraud


• Evaluate the fraud tree


• Identify red flags for financial statement fraud


• Recognize occupational fraud


• Determine the reasons and methods for committing financial statement fraud


• Name the top concealment method used by fraudsters


• Summarize recent financial statement frauds