Cases in Financial Statement Fraud and Auditor DeceptionCode: 21-LINE

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Course Details

30 pages

Course description and objectives:

This course is based on two recent financial statement fraud cases; Dewey & LeBouef and ContinuityX.  Dewey & LeBouef was a high‐profile law firm that, at its peak, had over 3,000 employees and over 1,400 lawyers.  It is alleged that personnel at Dewey & LeBouef made inappropriate financial adjustments starting in 2008 to meet its bank lending covenants and planned to conceal these adjustments from its “clueless auditor”.  Dewey & LeBouef declared bankruptcy in 2012.    

ContinuityX was an internet services reseller that, according to an SEC complaint, fabricated 99% of its revenue.  It was audited by a firm that was fined and disciplined by the SEC and the partner responsible for the audit was also fined and permanently suspended from practicing before the SEC.  ContinuityX declared bankruptcy in 2013. 

Both cases involve financial statement fraud, auditor deception and some lessons to be learned.

Course Objectives:

After reading the materials, participants will be able to

  •           Recognize the primary elements of financial statement fraud in the Dewy & LeBouef and ContinuityX cases
  •          Associate the primary elements of financial statement fraud in the cases in this course with audit procedures that may have               detected the fraud

Presentation Method:    QAS Self-Study

 

Category:  Auditing

CPE credit:  1 Hour

Program Level:  Update

Prerequisites:  None

Advance Preparation:  None

Exam expiration date:  Participants must submit exams for grading within one year from the date of purchase

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CEO
Ideal 1 hour CPE A&A course in that it deal with the real world. So much required A&A is truly just "book learning". This is different and found much more valuable than most Courses.
Gerard McHale
03/24/2024
Verified Buyer
McHale PA
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Cases in financial Statement Fraud & Auditor Deception
Interesting Cases & Good Information!
Dena Singer
11/01/2021
Verified Buyer
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American CPE, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org

 

NASBA QAS Sponsor number 108096