Financial Statement Fraud




CPE Credit: 16
Course Level: Overview
Prerequisite: None

The complexity of financial statement fraud has received considerable attention over the past few years and will continue to cause concern. This course is designed for those who regularly review and evaluate financial statements. Auditors, both internal and independent, will benefit from an enhanced understanding of what the numbers mean and the increased ability to detect indicators of fraud.

This two-day, instructor-led course also discusses the fraud-related responsibilities of financial professionals and provides you with practical techniques to detect financial statement manipulation. 


Upcoming Courses 

Chicago, IL | April 25-26, 2017                                                         


You Will Learn How To:  

Recognize the most common financial statement fraud schemes 

Identify the red flags of financial statement fraud 

Detect fraud using audit procedures 

Address issues that might affect discussion and analysis of the financial statements

Understand the fraud implications of emerging issues in financial reporting

Who Should Attend:  

Attorneys, legal professionals and law enforcement personnel

Controllers and corporate managers

Forensic and management accountants, accounts payable and financial analysts

Governance, risk management and compliance officers

Internal and external auditors, CPAs and CAs

Loss prevention and security professionals

Business professionals, educators and students interested in the anti-fraud field

Certified Fraud Examiners and other anti-fraud professionals 


Members: $695
Non-Members: $845 

*Pricing listed is for U.S. events. International event pricing may vary by location. Please view the individual event page for International pricing.


CPE Credit


Field of Study


Course Level



Advanced Preparation 



Delivery Method 


*Please note: Schedule listed is for U.S. and Canada events. All events outside of the U.S. and Canada are pushed back 30 minutes with registration beginning at 8:00 a.m. and the last session ending at 4:55 p.m. 


  Day One  
7:30-8:00 a.m.   Registration & Continental Breakfast   
8:00-9:20 a.m. 

Introduction to Financial Statement Fraud 

This opening session provides an introduction to financial statement fraud; examples of who commits financial statement fraud and why; definitions of fraud, proving intent and materiality; guidance for prosecution; and management and auditors’ liability for financial statement fraud.

9:20-9:35 a.m.  Break 
9:35-10:55 a.m. 

Management’s and Auditor’s Responsibilities 

Management is ultimately responsible for the financial statements, however this session provides recommendations which, when used with other measures, will help curb fraudulent financial reporting. Reviews of current auditing standards related to financial reporting fraud are highlighted.

10:55-11:10 a.m.  Break  
11:10 a.m.-12:30 p.m. 

Improper Revenue Recognition, Part 1 

Premature revenue recognition; recording financing arrangements as sales; manipulating long-term contracts; channel stuffing; and improperly recognizing sales with conditions and consignment sales are several of the many ways discussed during this session that revenue can be improperly recognized.

12:30-1:30 p.m.  Group Lunch  
1:30-2:50 p.m. 

Improper Revenue Recognition, Part 2 

Improperly classifying certain sales transactions can take a wide variety of forms, recording including outright fictitious sales, improper recording of gain contingencies, manipulating sales to related parties, and undertaking bill-and-hold schemes. This session addresses several improper sales treatments, as well as indirect methods of revenue manipulation, and how to identify and investigate these schemes.

2:50-3:05 p.m.  Break  
3:05-4:25 p.m.  

Improper Deferral of Costs and Expenses 

The improper deferral of costs and expenses often does not leave an audit trail. A simple change in accounting methods can shift current expenses to an earlier period. The most frequently used methods for improper deferral are discussed within this session.



  Day Two 
7:30-8:00 a.m.   Continental Breakfast   
8:00-9:20 a.m. 

Improper Asset Valuation 

Improper valuation of accounts receivable, inventory, business combinations and fixed assets, just to name a few, are some of the methods used to produce fraudulent financial statements.

9:20-9:35 a.m.  Break  
9:35-10:55 a.m. 

Improper Recording of Liabilities 

Failure to record liabilities, changes in accounting assumptions, off balance sheet entities, and manipulation of reserves are some of the popular methods in the hands of the fraudster. This session explains when liabilities should be recorded.

10:55-11:10 a.m.  Break  
11:10 a.m.-12:30 p.m. 

Inadequate Disclosures 

Management has an obligation to disclose all significant information in the financial statements. Inadequate disclosures of related-party transactions are among the most difficult financial statement frauds to detect. This session also addresses sham transactions and other issues affecting management’s discussion and analysis of the financial statements.

12:30-1:30 p.m.  Lunch on Own
1:30-2:50 p.m. 

Emerging Issues in Financial Statement Fraud 

As accounting standards change and the financial reporting landscape evolves, increased opportunities for financial statement fraud emerge. This session explores the fraud implications of several emerging issues, including fair value accounting, new revenue recognition standards and recent changes in lease accounting.

2:50-3:05 p.m.  Break  
3:05-4:25 p.m.  

Detecting Financial Statement Fraud 

Combining financial statement analyses techniques, risk assessment questionnaires and common sense, this session provides methods of quickly and effectively detecting financial statement fraud and focusing your examination.

Event Cancellation Policy 

Our cancellation policy is intended to keep costs low for attendees. Due to financial obligations incurred by ACFE, Inc. you must cancel your registration prior to the start of the event. Cancellations received less than 14 calendar days prior to an event start date are subject to a $100 administrative fee. No refunds or credits will be given for cancellations received on or after the start date of the event. Those who do not cancel and do not attend are responsible for the full registration fee.


Satisfaction Guarantee 

ACFE seminars are unmatched in scope and effectiveness and backed by our unconditional satisfaction guarantee. If you attend an ACFE event and are not completely satisfied, please contact an ACFE Member Services Representative at or call (800) 245-3321 / +1 (512) 478-9000.


NASBA CPEThe Association of Certified Fraud Examiners, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:


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