Detecting Financial Statement Fraud
Overview:
Fraud detection is becoming a fast-growing challenge in financial statement audits given the continuously changing environment of rising risks, regulatory activities and reforms, and compliance costs.
As much chaos can result in inefficient fraud detection strategies, the management team or internal audit function should be aware of the best practices and emerging issues relevant in today’s distinctive hurdles.
In this course, the Knowledge Groups teams up with a panel of key experts to help you navigate through pitfalls in a two-hour live webcast. The panel will discuss the following issues:
• The Changing Patterns of Financial Statement Fraud
• Best practices in Detecting Financial Statement Fraud
• IT’s role in Fraud Detection
• Continuous Monitoring (CM) and Continuous Auditing (CA)
• Application of Risk Assessment Techniques
• What are the Financial Statement Fraud Risk Factors?
• Spotting Financial Statement Fraud Schemes
• Insights and Regulatory Updates
Agenda:
Jared L. Kopel, Partner,
Wilson Sonsini Goodrich & Rosati
1. SEC’s New Whistleblower Rules Will Alter Internal Investigations and SEC Investigations
- Companies need to know how to respond to whistleblower complaint
- Internal investigations increasingly will be expected to report to SEC
2. The Most Overlooked Weakness is the Company Controller
- Often no more than glorified bookkeeper
- Controller should be first line of defense against fraud
3. New Liabilities for Outside Directors
- SEC actions require outside directors to be more vigilant in detecting fraud
- Directors responsible for maintaining internal controls and identifying red flags
4. New Focus on Cash Flow
- Cash flow once was thought to be “fraud-proof”
- New focus on bogus transactions intended to improve reported cash flow
5. Qualitative v Quantitative Materiality.
- SAB 99 has new focus
Gary M. Arrick, CPA, CFE, CFF, Principal,
Rothstein Kass
- The characteristics of financial statement fraud
- Recent fraud survey results
- Top fraud schemes
- The characteristics of situations that may foster an environment for someone to engage in financial statement fraud
- Internal controls to guard against financial statement fraud
Adam G. Safwat, Deputy ChiefFraud Section, Criminal Division,
U.S. Department of Justice
** Speaker Talking Points to be added soon.. **
Who Should Attend:
- Internal Auditors of All Levels
- CEOs and CFOs
- Attorneys
- Other Related Professionals
Jared Kopel is a litigation partner at Wilson Sonsini Goodrich & Rosati, where he specializes in securities litigation and Securities …
Gary M. Arrick is a Principal at Rothstein Kass Business Advisory Services, LLC, based in the New York office, where …
Adam G. Safwat is an Assistant Chief in the Fraud Section of the U.S. Department of Justice, Criminal Division. Mr. …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
NONE
Course Code:
114198
NASBA Field of Study:
NY Category of CLE Credit:
Total Credits:
2.0 CLE
Login Instructions:
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SPEAKERS' FIRMS:
U.S. Department of Justice
About Wilson Sonsini Goodrich & Rosati
Wilson Sonsini Goodrich & Rosati is a leading provider of legal services to technology, life sciences and growth business enterprises at all stages of their development, from the start-up phase to global multibillion global enterprises. Wilson Sonsini is one of the leaders in venture capital financings, public offerings and mergers and acquisitions in the technology and life science sectors. The firm also represents the venture capital funds, private equity firms and other financial institutions that fund these companies. Wilson Sonsini also has represented numerous companies on a wide array of legal matters, including defending shareholder class action and derivative lawsuits, and Government investigations, and advising on corporate governance issues.
Website: https://www.wsgr.com/
About Rothstein Kass
Rothstein Kass Business Advisory Services, LLC professionals provide value-added and result-oriented consulting services to clients across industries in the areas of strategy, operations, technology, risk, compliance, dispute resolution and investigations. Rothstein Kass Business Advisory Services, LLC is an affiliate of Rothstein, Kass & Company, P.C., a premier certified public accounting firm serving clients for more than 50 years.
Website: https://www.rkco.com/