All About Fraud - Examples, Prevention and Auditing

Overview

Fraud is constantly in the news. Whether it's employee retention credit mills, FTX, or the City of Dixon, it appears that fraud is everywhere. We'll start this session with a review of the common fraud schemes as identified in the 2024 Report to the Nations. We'll also review the commonalities of fraudsters. We'll then look at methods of prevention. We'll close with a look at the auditor's responsibility for the consideration of fraud in AU-C 240.

Highlights

Auditing
Yellowbook

Prerequisites

Prior experience with AU-C 315

Designed For

Accounting Professionals

Objectives

Recall common fraud schemes
Identify preventative measures to deter fraud
Recognize recent frauds in the news
Recall the data from the 2024 Report to the Nation
Identify the responsibility of the auditor with respect to fraud

Preparation

None

Credits

Specialized Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Melisa Galasso, Galasso Learning Solutions

Leader Bios

Melisa Galasso, Galasso Learning Solutions

Melisa Galasso, CPA is assionate about providing confidence, not just compliance as she leads Galasso Learning Solutions as Founder & CEO. Melisa is a nationally recognized authority in designing and facilitating courses on advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. Since 2016, she has guided the GLS team to deliver quality in everything we do. With a far-ranging career in public accounting, academia and industry and a bachelor’s degree from Georgetown University, Melisa has built a reputation for delivering engaging, effective learning experiences for CPAs. Committed to advancing our profession, she has served on multiple committees for leading industry organizations including the AICPA and FASB, written the nonprofit accounting book, “Money Matters for Nonprofits,” and has been honored with the Top 50 Women in Accounting Award, the Rising Star award from NAWBO Charlotte, and “40 under 40” recognition by CPA Practice Advisor. In her free time, Melisa loves spending time with her family and can often be found at one of her daughter’s horse shows, supporting the arts with tickets to the orchestra, volunteering, or speaking a bit of French or Spanish on one of her treasured quarterly vacations.

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