Total Credits: 8 including 8 Auditing- Technical
Fraud Happens; and it can happen to your organization. The public expects accountability professionals to be the first line of defense against fraud. To meet this expectation, 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), the typical organization loses about 5% of its revenues each year due to fraud. So, an organization with $10,000,000 in revenue would lose about $500,000 in revenue—and profit, because the lost revenue goes right to the organization’s bottom line. If that organization had a profit rate of 15%, it would need to generate about $3,333,000 in additional revenue to recover those lost profits. The impact of fraud is almost always devastating, and can be catastrophic.
Why do organizations continue to be so vulnerable to fraud? One reason is that most organizations simply do not think fraud can happen to them. They think that fraud only happens to other, not-as-well-managed organizations. So, such organizations do not focus on fraud, fraud prevention, fraud detection, and fraud deterrence. Then, when fraud happens to them, senior management and those responsible for governance immediately try to find someone to blame besides themselves. The scapegoat is often the very accountability professionals—accountants, internal auditors, external auditors, risk management professionals—who tried to warn them about fraud vulnerabilities and the importance of proactive fraud risk management. The accountability professional needs to (a) remain at the cutting edge of knowledge about fraud and (b) constantly warn management and those charged with governance about fraud risks.
The 2022 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. The Update will cover:
Our panel of legal experts (prosecutors and white-collar defense lawyers) will weigh in on these emerging issues from their special points of view. Participants will learn and master new skills for meeting their professional, legal and ethical responsibilities to make reasonable efforts to deter, prevent, and detect fraud.
Once again, our panel of experts will portray players in an afternoon fraud case scenario designed to illustrate some of the key concepts discussed in the morning.
Business fraud happens. This program will help accountability professionals manage the risk of fraud effectively and proactively, and give them the tools they need to keep senior management and governance officials apprised of the importance of constant vigilance regarding fraud risks and the need for proactively managing fraud risk.
|Important_CPE Credit Instructions_Read Before Webcast (442.7 KB)||2 Pages||Available after Purchase|
|ACPEN_Signature_2022_Business_Fraud_Update_Managing_Risk_of_Fraud_Manual (33 MB)||264 Pages||Available after Purchase|
|Q&A (12.6 KB)||Available after Purchase|
Dave Cotton is founder and Chairman Emeritus of Cotton & Company, Certified Public Accountants, headquartered in Alexandria, Virginia. 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. In April 2022, Cotton & Company became a wholly-owned subsidiary of Sikich LLP.
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 and an MBA in management science and labor relations from Lehigh University in Bethlehem, PA. He also pursued graduate studies in accounting and auditing at the University of Chicago Graduate School of Business. 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 co-chairing a task force to update the COSO-ACFE Fraud Risk Management Guide. In May 2022, Governor Glenn Youngkin appointed Dave to the Virginia Board of Accountancy.
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 past Vice Chair of the AGA Professional Ethics Board. He is also a member of the IIA and the Association of Certified Fraud Examiners.
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”).
Vincent Walden is a Managing Director with Alvarez & Marsal’s Disputes and Investigations in New York. He specializes in forensic data analytics, continuous controls monitoring, information governance and legal discovery services. His primary area of concentration is in providing leading technology perspectives on both proactive compliance programs and reactive investigations.
With more than 25 years of investigative and legal technology experience, Mr. Walden has extensive experience in anti-fraud and surveillance analytics, anti-bribery and corruption compliance monitoring, sanctions and trade compliance monitoring, and anti-trust compliance monitoring. He also has deep insights in using leading technology approaches to artificial intelligence and proprietary anti-fraud behavioral algorithms.
Prior to joining A&M, Mr. Walden spent 14 years at Ernst & Young’s Forensic & Integrity Services Practice in Dallas, New York and Atlanta, where he most recently served as a Partner for the past eight years. Before EY, he worked at KPMG and Arthur Andersen. During his career, he also served as President and CFO of a privately-funded Internet company, which was subsequently sold to a Fortune 500 Company.
As an industry thought leader, Mr. Walden sits on Compliance Week’s Advisory Board and is featured in many publications including Internal Auditor Magazine, Compliance Week, Forbes, The Wall Street Journal, Harvard Business Review and The Economist. He is a regular columnist for FRAUD Magazine and writes about anti-fraud innovation. As part of COSO’s Anti-Fraud Task Force, Mr. Walden co-authored its “Fraud Risk Management Guide”, which was released in September 2016. He also hosts a bi-weekly podcast show, “The Walden Pond”, which focuses on compliance innovation.
Mr. Walden earned a bachelor’s degree in business administration from the University of Southern California. He completed the Harvard Leadership Program at Harvard Business School, and is also a Certified Public Accountant and a Certified Fraud Examiner. Mr. Walden volunteers as the President of The Association of Certified Fraud Examiner’s Education and Research Foundation, which provides academic scholarships to students and anti-fraud research to qualified recipients.
Kevin M. Rockecharlie, CISA, is a Principal at Cohn Reznick, LLC in Dallas, TX. Kevin has more than 19 years of experience providing professional IT audit and consulting services to a wide range of industries. Kevin has worked with both public and private companies, and he also has extensive experience with SOX 404 compliance. Kevin helps his clients understand how IT and accounting work together. Prior to joining the firm, Kevin held industry positions at Accenture, Alcatel-Lucent and Dell Computer.
Paul Coggins, JD, is a partner at Locke Lord LLP, where he co-chairs the firm’s national White Collar Criminal Defense and Internal Investigations practice. Paul served as the U.S. Attorney for the Northern District of Texas from 1993 to 2001. He received his B.A. in Political Science from Yale University and both a B.A. and a Diploma in Law from Oxford University as a Rhodes Scholar, before graduating from Harvard Law School. Paul is a former radio host, a published author, a frequent speaker, and is involved in numerous public service organizations.
Paul’s most recent novel (Sting Like a Butterfly) was released in March 2020, and a sequel (The Eye of the Tigress) will be released in August of 2021.
Katherine Miller is an Assistant United States Attorney and Chief of the Economic Crimes and Public Corruption Section in the Dallas Office of the United States Attorney’s Office for the Northern District of Texas.
She has handled primarily criminal white collar matters for over seventeen years as a federal prosecutor. She previously served as an Assistant District Attorney in North Texas following several years of private practice at a Dallas firm. She earned her undergraduate degrees from Southern Methodist University and her law degree from the University of Texas School of Law.
Andi McNeal, CFE, CPA, is the Director of Research for the Association of Certified Fraud Examiners, where she oversees the development and production of educational materials related to the prevention, detection, and investigation of fraud. She is co-author of the ACFE Occupational Fraud: A Report to the Nations, a biennial report on the costs and effects of occupational fraud, as well several other anti-fraud benchmarking reports. She is a frequent speaker on anti-fraud and leadership topics, and she has authored numerous articles for publications such as the Journal of Accountancy, CPA Journal, Internal Auditor, and Fraud Magazine.
Prior to joining the staff of the ACFE, she worked as a Certified Public Accountant at a regional accounting firm in Jacksonville, Florida, where she performed audit, tax, and consulting services for small business clients. She holds a bachelor’s degree in accounting from Flagler College and a Master of Accountancy degree from the University of North Florida, and she is a past recipient of the Florida Institute of Certified Public Accountants’ Excellence Award.
Thu, May 18, 2023 - 09:00am to 05:02pm CDT
Thu, May 18, 2023 - 01:00pm to 09:02pm CDT
Business Professionals' Network (ACPEN)
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