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.

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

Highlights

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

Designed For

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

Prerequisites

None

Preparation

None

Notice

Your webinar can be accessed via https://ctcpas.acpen.com/Account/login https://ctcpas.acpen.com/. If you do not have an ACPEN account, please sign up for an account using the email address you have on file with CTCPA.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader Bios

David Cotton, Chairman, Cotton & Company

Dave Cotton is founder and Chairman Emeritus of Cotton & Company LLC, Certified Public Accountants, headquartered in Alexandria, Virginia. In April 2022, Cotton & Company became a subsidiary of Sikich LLP. Cotton & Company was founded in 1981 and has a practice concentration in assisting Federal and State agencies, inspectors general, and government grantees and contractors with a variety of government program-related assurance and advisory services. Cotton & Company has performed grant and contract, indirect cost rate, financial statement, financial related, and performance audits for more than two dozen Federal inspectors general as well as numerous other Federal and State organizations, programs, activities, and functions. Cotton & Company’s Federal agency audit clients have included the U.S. Government Accountability Office, U.S. Navy, U.S. Marine Corps, U.S. Transportation Command, U.S, Defense Security Cooperation Agency, U.S. House of Representatives, U.S. Capitol Police, U.S. Small Business Administration, U.S. Bureau of Prisons, Millennium Challenge Corporation, U.S. Marshals Service, and Bureau of Alcohol, Tobacco, Firearms and Explosives. Cotton & Company also assists numerous Federal agencies in preparing financial statements and improving financial management, accounting, and internal control systems. Dave received a BS in mechanical engineering (1971) and an MBA in management science and labor relations (1972) from Lehigh University in Bethlehem, PA. He also pursued graduate studies in accounting and auditing at the University of Chicago Graduate School of Business (1977 to 1978). He is a Certified Public Accountant (CPA), Certified Fraud Examiner (CFE), and Certified Government Financial Manager (CGFM). Dave served on the Advisory Council on Government Auditing Standards (the Council advises the United States Comptroller General on promulgation of Government Auditing Standards—GAO’s yellow book). He served on the Institute of Internal Auditors (IIA) Anti-Fraud Programs and Controls Task Force and co-authored Managing the Business Risk of Fraud: A Practical Guide. He served on the American Institute of CPAs Anti-Fraud Task Force and co-authored Management Override: The Achilles Heel of Fraud Prevention. Dave is the past-chair of the AICPA Federal Accounting and Auditing Subcommittee and has served on the AICPA Governmental Accounting and Auditing Committee and the Government Technical Standards Subcommittee of the AICPA Professional Ethics Executive Committee. Dave chaired the Fraud Risk Management Task Force, sponsored by COSO and ACFE and is a principal author of the COSO-ACFE Fraud Risk Management Guide. Dave is currently chairing a task force to update the COSO-ACFE Fraud Risk Management Guide. Dave served on the board of the Virginia Society of Certified Public Accountants (VSCPA) and on the VSCPA Litigation Services, Professional Ethics, Quality Review, and Governmental Accounting and Auditing Committees. He is a member of the Association of Government Accountants (AGA) and past-advisory board chairman and past-president of the AGA Northern Virginia Chapter and currently serves on the AGA Professional Ethics Board. He is also a member of the IIA and the Association of Certified Fraud Examiners (ACFE). Dave has testified as an expert in governmental accounting, auditing, and fraud issues before the United States Court of Federal Claims, the Armed Services Board of Contract Appeals, and other administrative and judicial bodies. Dave has spoken and written frequently on cost accounting, professional ethics, and auditor fraud detection responsibilities. He has been an instructor for the George Washington University masters of accountancy program (Fraud Examination and Forensic Accounting), and has instructed for the George Mason University Small Business Development Center (Fundamentals of Accounting for Government Contracts). Dave was the recipient of the ACFE 2018 Certified Fraud Examiner of the Year Award (“presented to a CFE who has demonstrated outstanding achievement in the field of fraud examination … based on their contributions to the ACFE, to the profession, and to the community”); AGA’s 2012 Educator Award (“to recognize individuals who have made significant contributions to the education and training of government financial managers”); and AGA’s 2006 Barr Award (“to recognize the cumulative achievements of private sector individuals who throughout their careers have served as a role model for others and who have consistently exhibited the highest personal and professional standards”).

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Dennis Dycus

Dennis F. Dycus, CPA, CFE, CGFM, Trainer, Consultant, Public Speaker has recently retired after 39 years with the Office of the Comptroller of the Treasury of the State of Tennessee as the Director of the Division of Municipal Audit where I was responsible for the audits of all local governments in Tennessee, with the exception of counties and their affiliated, units as well as conducting investigations related to fraud, waste, and abuse in local governments. For the last several years he has developed and/or conducted training programs in all fifty states, Puerto Rico, Guam, Canada and Europe, for organizations such as the Association of Certified Fraud Examiners; the American Institute of Certified Public Accountants; numerous state CPA societies; the Government Finance Officers Association; the Association of Government Accountants; the National Association of State Auditors, Comptrollers and Treasurers; Westcott Communications, Inc.; Western CPE; Accounting Continuing Professional Education Network; the Organization for Security and Co-Operation in Europe; IBM; HCA; NYC Presbyterian Hospital; Saturn, Inc.; Chrysler; Securities and Exchange Commission; the U.S. Department of Labor; U.S. Environmental Protection Agency; the Government Accountability Office; U.S. Office of Management and Budget; the Internal Revenue Service; US Bankruptcy Trustees; Bisk Education, Inc.; Nichols Education, Inc.; Symbion, Inc.; numerous state audit organizations; local ACFE, AGA and state CPA chapters; and individual professional firms. He frequently speaks at colleges and universities as well as various professional conferences, both on a local and national level. Dennis is a member of the AICPA; TSCPA; GFOA; TGFOA; ACFE (charter member), Middle Tennessee Chapter ACFE –Past President, current President Emeritus; AGA; Middle Tennessee Chapter AGA – Past President and he has authored articles related to the detection and prevention of fraud for several national publications. He attended Western Kentucky University, with a BS in Accounting, Class of 1969 and in 1986 he graduated from the Tennessee Government Executive Institute (TGEI).

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