Fraud Update: Detecting and Preventing the Top Ten Fraud Schemes

  • Monday, October 16, 2017

    8:30am – 4:30pm
    (Registration: 8:00am)
  • Christiana Hilton

    100 Continental Drive
    Newark, DE 19713
  • 8

Many costly fraudulent schemes have occurred repeatedly throughout the past several decades. Why do these material and frequently recurring frauds succeed? One reason is that business owners, management, auditors, and employees fail to recognize the red flags that have been associated with these financial statement and misappropriation of asset frauds. Another major reason is that the reporting and transaction processing systems do not have adequate controls to either prevent and/ or detect these schemes. This course will provide descriptions of how these major frauds are perpetrated (including real-world examples) and the types of cost-effective controls that can be implemented by both small and large businesses and nonprofit entities to identify and prevent these deceptive acts.


  • Identify the findings and implications of major fraud studies 
  • Identify the risk factors and red flags for each of the top ten fraud schemes 
  • Determine design controls to build into systems to mitigate fraud risks
  • Distinguish the methodology of how frauds are committed 
  • Identify trends in various types of fraud


  • Major financial statement frauds including, among others, corruption conspiracies regarding sales and other types of revenue, estimates, journal entries, and other accounts 
  • Major misappropriation of asset frauds including, among others, skimming, larceny, and embezzlement involving inventory, payables, and other accounts 
  • Ponzi and asset flip schemes 
  • Control implementation ideas 
  • Risk factors in accordance with the revised authoritative guidance on fraud

Additional Information

Designed For

Business owners, managers, supervisors, employees, accountants and auditors


American Institute of CPAs

Advanced Preparation



Experience in accounting and reporting

Field of Study



Jeffrey Lieman

Course Number


Level of Knowledge


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