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.
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David L. Cotton, CPA, CFE, CGFM, is an accountant with Cotton, a Sikich Company, headquartered in Alexandria, Virginia. He 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 agencies and programs.
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).
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) from 2006 to 2009. 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 has testified as an expert in governmental accounting, auditing, and fraud issues before the United States Court of Federal Claims and other administrative and judicial bodies. 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 2 fraud examination … based on their contributions to the ACFE, to the profession, and to the community”).
Vincent Walden, CPA, CFE, is CEO of KonaAI, specializing in forensic data analytics, continuous controls monitoring, anti-bribery & corruption analytics and compliance. His primary area of concentration is in providing leading technology and perspectives on both proactive compliance programs and reactive investigations and is 2022’s CFE of the Year by the Association of Certified Fraud Examiners.
Prior to leading KonaAI as their CEO, he was a managing director at Alvarez & Marsal, and a partner at Ernst & Young’s Forensic & Integrity Services Practice in Dallas, New York and Atlanta. 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 and is being updated in 2022. He also hosts a bi-weekly podcast show, “The Walden Pond”, which focuses on compliance innovation and is an Adjunct Professor at Fordham Law School teaching on compliance technology & innovation.
Kevin M. Rockecharlie, CISA, is a former Partner/Principal of Information Technology Assurance Services for CohnReznick, LLP in Dallas, TX. Kevin has more
than 20+ years of experience providing assurance and consulting services to a wide range of industries working with both public and privately held companies.
Kevin’s expertise includes implementing technical accounting guidance such as ASC 606 (Revenue Recognition), implementing artificial intelligence in financial audits, configuration of financial systems, development of data analytics, evaluating and recommending cybersecurity controls as well as performing information technology audits. Kevin has held positions at Accenture, Protiviti, Alcatel-Lucent (Nokia) and Dell Computer.
Kevin graduated from Texas Tech University with a Bachelor of Business Administration in Management Information Systems. He also holds a Master of Science in Accounting and Information Management as well as a Master of Business Administration.
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 and as the president of the National Association of Former United States Attorneys from 2019 to 2021. 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 (The Eye of the Tigress) was released in August 2021. His third Cash McCahill book (Chasing the Chameleon) is due out next year.
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.
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