FAC856 - Financial Statement Fraud

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Last revision date Sep 30, 2019 12:04:46 AM
Last review date Dec 2, 2019 12:15:03 AM

Subject Title
Financial Statement Fraud

Subject Description
The Enron, Lucent, Tyco, WorldCom scandals all evolved through financial statement fraud. This subject will examine the financial statement fraud and discuss methods of identifying misstatements of revenue, concealed liabilities and expenses and similar improper disclosures. In addition, students will be exposed to asset valuation and inventory losses.

Credit Status
One credit of the professional requirements in the post-graduate Certificate Program in Forensic Accounting.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Understand the framework of financial statement fraud and be able to address financial statement fraud issues.
2. Identify and analyze frauds in the sales/receivables/inventory aspect of the accounting process.
3. Identify and analyze frauds in the purchases/payables/payments area and for frauds concerning assets and liabilities.
4. Understand the rationale for financial statement fraud and be able to apply techniques to lessen the occurrence of fraud.
5. Understand the modus operandi of common fraud schemes.
6. Understand and apply the role of:

a. corporate governance
b. management
c. the board of directors/audit committees
d. internal and external auditors
e. securities regulators

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecacollege.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

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Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.