MORNING SESSION:
Is your data secure? Is your organization at risk of a data breach? What is cyber fraud and how can it affect your organization? How can you protect your company from cyber fraud? Data breaches and cyber fraud are an ever present risk for more companies. This session of the course will help you understand and become more aware of the risks associated with data breaches and other cyber frauds. You will become more aware of the policies and procedures needed to protect your company data. We will review the requirements for internal controls over technology required by the 2013 COSO Framework on Internal Controls and review internal controls that can help prevent and detect cyber frauds, including data breaches. Become a resource for your company and your clients.
AFTERNOON SESSION:
Many costly fraudulent schemes have occurred repeatedly throughout the past several decades. Why do these material fraud schemes continue to succeed? Is this due to failures of properly designed internal controls? Could the internal controls be adequate but not complied with? This session of the course provides descriptions of how the most common types of financial statement and misappropriation of asset fraud schemes are detected. Cost-effective internal controls that can be implemented to prevent these schemes are provided. Classic and contemporary real-world fraud cases are reviewed in detail to reinforce how these schemes are perpetrated, both due to internal control failures and other factors. Red flags that might possibly be indicative of these fraud schemes are addressed.
DESIGNED FOR
Auditors and CPAs working for businesses, governments and not-for-profits that want to obtain a basic understanding of the issues associated with cyber frauds and cyber security. Business owners, managers, supervisors, employees, accountants and auditors.
BENEFITS
- Recognize legal and ethical issues associated with cyber security and data breaches
- Recognize the requirement to select and develop general controls over technology as required by the 2013 COSO Framework
- Identify various types of cyber frauds and their associated risks and internal controls for preventing & detecting cyber frauds
- Identify the schemes used to misstate revenue, inventory, asset overstatements, estimates, and other accounts
- Distinguish suspicious journal entries
- Determine the red flags associated with fraud schemes concerning revenue, inventory, asset overstatements, estimates, and other accounts
- Apply analytical procedures to detect various types of fraud
- Compare particular fraud schemes to landmark cases
HIGHLIGHTS
MORNING SESSION: Data Breaches & Other Cyber Frauds
- Types of Cyber Frauds
- Ransomware
- Data Breaches
- Social Engineering
- Policies that help to increase security
- Internal controls to help prevent & detect cyber frauds
AFTERNOON SESSION: The Most Common Financial Statement and Asset Fraud Schemes
- Major financial statement frauds including, among others, sales and other types of revenue, estimates, journal entries, and other accounts
- Major misappropriation of asset fraud schemes including skimming, larceny, and additional schemes that occur in inventory, payables, and other accounts
- Review of landmark cases where the fraud scheme(s) occurred: WorldCom, Phar-Mor, McKesson and Robbins, Waste Management, MiniScribe, Stew Leonard, and others
COURSE LEVEL
Intermediate
PREREQUISITES
Experience in accounting and reporting.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
- This seminar is not eligible for the AICPA discount.
NJCPA Goes Green - Registrants Save $20
New for 2018, course materials will be distributed electronically and we're passing the savings along to you. All 8-hour seminar pricing has been reduced by $20. To access, visit your My Events page. Download to your laptop or tablet prior to your seminar. Handouts are added as received.