ComplianceOnline

Fraud Red Flags All Corporate Executives Should Recognize

Instructor: Anne M McFadden
Product ID: 704347
  • Duration: 60 Min

recorded version

$149.00
1x Person - Unlimited viewing for 6 Months
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Recorded Link and Ref. material will be available in My CO Section

Training CD

$299.00
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CD and Ref. material will be shipped within 15 business days

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Read Frequently Asked Questions

This training program will provide an overview of the three main occupational fraud categories, including corruption, asset misappropriation and financial reporting. Attendees will learn how to minimize the impact of the fraud scheme by detecting red flags for fraud early.

Why Should You Attend:

According to the Association of Certified Fraud Examiners, frauds that are allowed to linger for 5 years had a median loss of nearly $1 million. The longer frauds last, the more financial damage they cause. Passive detection methods such as external audits tend to take longer to bring fraud to management’s attention, which allows the related loss to grow. Consequently, proactive detection measures — such as tips and management review procedures — are vital in catching frauds early and limiting their losses.

Maybe you are the controller, you’re in the compliance department, you’re management, you’re in accounts payable or maybe you’re on the audit and finance committee – each of these roles have a responsibility towards the organization to spot fraud red flags and take action to minimize financial losses and reputational damage.

This webinar will discuss how, by understanding the six symptoms of fraud and looking for them, you can significantly improve your chances of detecting and minimizing fraud. As executives, managers, internal auditors or rank and file employees, when it comes to internal fraud you may suspect it, suffer the consequences of it, or anticipate it but you rarely see it. You have to look for the symptoms, the red flags, the indicators of fraud.

Learning Objectives:

  • Overview of the three main occupational fraud categories: corruption, asset misappropriation and financial reporting
  • Learn how to minimize the impact of the fraud by detecting behavioral red flags for fraud early
  • Learn the 6 symptoms of fraud in every organization
  • Learn enhancements to internal controls that can be implemented if multiple red flags are identified

Areas Covered in the Webinar:

  • What is Occupational Fraud?
    • Corruption
    • Asset Misappropriation
    • Financial Reporting
  • The 6 Symptoms Of Fraud
    • Behavioral Red Flags
    • Lifestyle Red Flags
    • Analytical Red Flags
    • Accounting Red Flags
    • Internal Control Weaknesses
    • Tips and Whistle Blower Cases
  • In Summary – Is It Fraud Or A Red Flag?
    • What Do You Do?
    • Internal Controls To Put In Place
  • Real Cases

Who Will Benefit:

  • Management
  • Compliance Professionals
  • Controllers
  • Purchasing Professionals
  • Accounting and Finance Professionals
  • Audit and Finance Committee Members
  • Internal Auditors
  • Auditors
  • Risk Officers
  • CFOs
  • General Counsel
  • Chief Procurement Officer
  • Accounts Payable Manager
  • Purchasing Department
  • Internal Audit Manager/Director

Instructor Profile:

Anne McFadden has over 30 years of experience as a business leader, forensic accountant, fraud investigator, risk manager, and compliance professional. Her experience includes directing and performing high-profile, mission-critical projects, and sensitive investigations related to financial reporting fraud, misappropriation of assets, and corruption, where cases involved C- suite executives and potential exposures were in the millions to billions of dollars.

She has over 7 years of experience in Big Four accounting firms leading the forensic accounting component of complex financial investigations and dispute matters and working with the audit teams of SEC registrants as the fraud subject matter expert. Ms. McFadden has the requisite credentials that boards and governance professionals want to see for fraud and misconduct investigators: Certified Public Accountant (CPA), Certified Fraud Examiner (CFE), Certified in Financial Forensics (CFF) by the AICPA, and she holds the Chartered Global Management Accountant Designation (CGMA) from the AICPA.

Ms. McFadden has successfully designed and implemented organization-wide fraud risk management and compliance programs for public sector and nonprofit organizations to prevent, detect, and deter fraud. Additionally, she has extensive experience in both the public and private sector performing fraud risk assessments, designing and conducting fraud awareness training, designing monitoring projects, and assisting audit teams with the consideration of fraud. She is currently a Social Security Administration Representative Payee, FINRA Arbitrator and has been appointed to the NASDAQ Listing Qualifications Hearing Panel and the Disciplinary Hearings Panel for the Nasdaq OMX PHLX Futures Exchange. Ms. McFadden is an affiliate member of Medica, LLC.

Topic Background:

According to the Association of Certified Fraud Examiners (ACFE), organizations lose 5% of revenue to fraud every year. The ACFE’s research shows that at least one behavioral red flag was identified in 92% of fraud cases, and in 64% of cases, the fraudster displayed two or more behavioral red flags.

What are red flags? Steven Albrecht developed a theory about fraud in organizations. His theory stated – if we know what to look for we can see the signs of fraud. He theorized there are six signs or symptoms of fraud in all organizations: behavioral, lifestyle, analytical, accounting, internal control weaknesses and tips. These are the red flags.

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