What: CPE Credit Audio Conference

When: December 12, 2007 2:00-3:50 PM

Where: 810 Vermont Avenue, NW Washington, DC 20420

Anatomy of Fraud: Case Examples of Greed, Collusion and Override of Controls

Are you interested in exploring the cause of various frauds and hearing approaches to increase the auditors' ability to detect fraud?  The Government Auditing Standards and SAS 99 each make it clear that auditors have an affirmative obligation to search for fraud within the scope of audit engagements. Are you doing enough to meet these auditing standards?  Included in this audio conference was some remarkable work that uncovered major fraud in government, the private sector and not-for-profit organizations. The presenters also analyzed the reason auditors failed to uncover the frauds in other instances. In some of these cases, auditors actually went to jail because they failed to meet the standards of the auditing profession. Find out about the fraudsters who would steal from the dead and those who would steal from kids. Find out about the dentist who billed for 900 procedures a day!  Thieves think differently than honest auditors. Increase your understanding of how fraud occurs and how you can better detect it from experienced practitioners.

David L. Cotton, CGFM, CFE, CPA, Chairman of Cotton & Co.; and David R. Hancox, CGFM, CIA, Director in the Division of State Government Accountability, Office of the New York State Comptroller shared their expertise in identifying and reporting fraud and the underlying internal control breakdowns.

In addition to the speakers’ commentary, there was approximately 20 minutes for Q & A so that the participants can ask the speaker questions and share their own experiences.

Learning Objectives:      Understanding how fraudsters operate and how poor internal controls can lead to fraud.

Prerequisite:                     Familiarity with fraud, waste and abuse and auditing standards

Advance Prep:                 None required

CPE:                                   Two credits

Field of Study:                  Auditing