ACPEN Signature 2024: Business Fraud Update and Managing the Risk of Fraud

Overview

Fraud continues to be a pervasive problem for organizations of all sizes and in all industries. And it can happen to your organization. Accountability professionals are the first line of defense against fraud. Accordingly, accountants, internal auditors, external auditors, and risk management professionals need to develop the skills needed to prevent, detect, and deter fraud.

According to the Association of Certified Fraud Examiners’ (ACFE) 2022 Report to the Nations:

Certified Fraud Examiners estimate that the typical organization loses about 5% of its revenues each year due to fraud.
The median loss per fraud case is $117,000; the average loss per fraud case is $1,783,000.
42% of frauds are discovered by tips, usually from employees.
Asset misappropriation schemes are the most common (86%) but least costly ($100,000 median loss).
Financial statement fraud schemes are the least common (9%) but most costly ($593,000 median loss).
Corruption is the most common scheme in all global regions.

These statistics are alarming and should be a wake-up call for all business and government professionals. The impact of fraud is almost always devastating and can be catastrophic.

The 2023 Business Fraud Update is another fast-moving seminar that will provide a comprehensive look at the latest developments about fraud from the technical, legal, and operational perspectives and update participants on the most recent legal and regulatory developments in this important area of professional responsibility.

In addition, attendees will watch a unique and specially designed simulated case of fraud in a corporate setting and watch as the panelists, in their roles as characters in the simulation, respond to the emerging situation and deal with it as a corporate and legal matter to determine the fraud, identify the perpetrators, respond as an organization and deal with criminal and corporate fallout. Following each stage of the fact situation the entire panel will discuss the developments and consider how damage to the company could have been avoided and how it can be mitigated!

**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.

Highlights

Business Fraud
Fraud Risk Management
Fraud Risk Assessments
Data analytics
Digital analysis

Prerequisites

None

Designed For

Industry and Government Accountability Professionals, Certified Public Accountants, Risk Management Professionals

Objectives

Understand fraud risk management from the technical, legal, and operational perspective
Learn the most recent legal and regulatory developments pertaining to fraud deterrence, prevention, and detection