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Live Webcast Replay

Was It Fraud or Just Poor Audit Quality?


Total Credits: 1.5 including .5 Auditing (Governmental) - Technical, 1 Auditing (Governmental) - Technical

Average Rating:
   4.7
Category:
Accounting and Auditing |  ACPEN Industry Institute |  Industry |  Ethics |  Yellow Book
Faculty:
David L. Cotton, CPA, CFE, CGFM
Course Levels:
Basic
Duration:
1.5 Hour
License:
Access for 30 day(s) after program date.

Dates
Please Note: Programs with a ☾ insignia begin after 5pm or air on the weekend.


Description

This session describes a state agency's quality review of a not-for-profit organization's A-133 audit.  The case study describes the organization audited, its Federally- and state-funded programs, and the CPA firm retained to do the audit.  Various anomalies in the financial statements alerted State officials to potential problems, and a detailed quality review followed.  Find out how the entity turned hundreds of thousands of dollars in bank overdrafts into hundreds of thousands of dollars of cash on its balance sheet.  Explore other “creative” ways to deal with fixed assets, accounts receivable, and related-party transactions.  Were the auditors just sloppy, ignorant, negligent?  Or were they active participants in producing fraudulent financial statements?  You be the judge.

Basic Course Information

Learning Objectives
  • How easily financial statements can be manipulated
  • How checklist auditing is dangerous
  • Consequences for poor or negligent audit work

Major Subjects
  • Financial statement manipulation
  • Ethics enforcement process
  • Auditor conflicts of interest

Course Materials

Faculty

David L. Cotton, CPA, CFE, CGFM's Profile

David L. Cotton, CPA, CFE, CGFM Related seminars and products: 9


Dave Cotton is chairman of Cotton & Company LLP, Certified Public Accoun­tants, headquartered in Alexan­dria, Virginia.  The firm was founded in 1981 and has a practice concentration in assist­ing Federal and State government 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. 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) 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 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 Institute of Internal Auditors 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 and other administrative and judicial bodies. 

Dave has spoken frequently on cost accounting, professional ethics, and auditor fraud detection responsibilities under SAS 99, Consideration of Fraud in a Financial Statement Audit.  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”).


Dates

Thu, Mar 11, 2021 - 12:00pm to 01:19pm MST
Wed, Mar 24, 2021 - 02:00pm to 03:19pm MDT
Thu, Apr 08, 2021 - 08:00am to 09:19am MDT
Fri, Apr 23, 2021 - 10:00am to 11:19am MDT
Sat, May 08, 2021 - 12:00pm to 01:19pm MDT
Tue, May 18, 2021 - 02:00pm to 03:19pm MDT
Wed, Jun 16, 2021 - 08:00am to 09:19am MDT
Wed, Jun 30, 2021 - 10:00am to 11:19am MDT
Thu, Jul 08, 2021 - 12:00pm to 01:19pm MDT
Mon, Jul 19, 2021 - 02:00pm to 03:19pm MDT
Thu, Aug 05, 2021 - 08:00am to 09:19am MDT
Wed, Aug 18, 2021 - 10:00am to 11:19am MDT
Thu, Sep 09, 2021 - 12:00pm to 01:19pm MDT
Tue, Sep 21, 2021 - 02:00pm to 03:19pm MDT
Fri, Oct 15, 2021 - 08:00am to 09:19am MDT
Mon, Oct 25, 2021 - 10:00am to 11:19am MDT
Tue, Nov 09, 2021 - 12:00pm to 01:19pm MST
Wed, Nov 24, 2021 - 02:00pm to 03:19pm MST
Fri, Dec 03, 2021 - 08:00am to 09:19am MST
Mon, Dec 13, 2021 - 10:00am to 11:19am MST

Additional Info

Basic Course Information

Prerequisites

None


Advanced Preparation

None


Designed For

Accountants and auditors at all levels


Original Recording Date

6/25/2020


Yellow Book

Yes


Course Developer

David L. Cotton, CPA, CFE, CGFM


Date Added to Catalog

6/15/2020


Additional Information

Complaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement

Business Professionals' Network, 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


Instructional Delivery Method Group Internet Based
Course Registration Requirements Online Registration
Refund/Cancellation Policy Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.

Promo Video

Reviews

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Overall:      4.7

Total Reviews: 6

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