CPAs get new weapons in the war on fraud. (Feature).Fraud might not be the oldest profession. But it comes close, according to Joseph T. Wells, CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. , CFE, founder and chairman of the Association of Certified Fraud Examiners Established in 1988 the Association of Certified Fraud Examiners is the professional organization that governs professional fraud examiners. Its activities include producing fraud information, tools and training. in Austin, Texas. "What happened here with Enron and the scandals of the past 18 months was a long time in coming," said Wells, who traces business infamy Notoriety; condition of being known as possessing a shameful or disgraceful reputation; loss of character or good reputation. At Common Law, infamy was an individual's legal status that resulted from having been convicted of a particularly reprehensible crime, rendering him far into history. And it represents a human frailty far beyond the purview of mere accountants. "The CPA is tasked with trying to solve a serious sociological problem--fraud--which goes far beyond anything a CPA touches or can control," Wells added. Nevertheless, CPAs have a central role in assuring the integrity of the free-enterprise system. So, in a bid to rebuild investor faith in corporate reporting, the ACFE and the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). have teamed up to develop new educational initiatives for CPAs in particular and the world at large. The first fruits of the program with the ACFE are coming in the form of two interactive training CDs--the first, a free one-hour course for anyone and everyone in corporate governance; and the other, a more rigorous eight-hour interactive program aimed at CPAs in practice and industry. Both Wells and AICPA president Barry C. Melancon said working CPAs seem woefully unaware of the fraudsters' bag of tricks. "Out of 350,000 CPAs," said Melancon, "at least 90 percent have never received any substantive education about the intricacies of fraud." Now the AICPA is recommending that members devote at least 10 percent of their CPE (Customer Premises Equipment) Communications equipment that resides on the customer's premises. CPE - Customer Premises Equipment to the study of fraud. "How Fraud Hurts You and Your Organization." Interactive CD. Product 056513HS. Free, as a public service. "Fraud and the CPA." Interactive CD. Estimated CPE: 8 hours. Product 731730HS. $98.60 member; $123.25 nonmember Fraud and the CPA (selected highlights) * Why should CPAs be concerned about fraud? * What are the fraud-related responsibilities of CPAs and management within the company? * What are the new responsibilities imposed by Sarbanes-Oxley? * What's new for CPAs about SAS (1) (SAS Institute Inc., Cary, NC, www.sas.com) A software company that specializes in data warehousing and decision support software based on the SAS System. Founded in 1976, SAS is one of the world's largest privately held software companies. See SAS System. 99? * The CPA's duties under the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Securities Reform Act * Why CPAs should understand the sociological factors that lead to fraud * Understanding the fraud triangle theory * Why do good people commit financial statement fraud? * Challenges and strategies for CPAs dealing with financial statement fraud * What are the most common asset misappropriation misappropriation n. the intentional, illegal use of the property or funds of another person for one's own use or other unauthorized purpose, particularly by a public official, a trustee of a trust, an executor or administrator of a dead person's estate, or by any frauds? * The most dangerous form of cash fraud: fraudulent disbursements * What are the four types of corruption schemes? * Who can prevent fraud and what can they do? * Developing a corporate strategy for preventing fraud |
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