Indicators of Errors and Fraud in Financial Statements Egyptian Banking Institute

In this course, participants will be introduced to different types of counterfeiting and fraud lists, financial documents. Participants will acquire skills to enable them to detect counterfeiting and fraud. Also participants will learn methods to validate lists and financial documents.Course Description:

In this course, participants will be introduced to different types of counterfeiting and fraud lists, financial documents. Participants will acquire skills to enable them to detect counterfeiting and fraud. Also participants will learn methods to validate lists and financial documents.

Course Objectives:

  • Distinguish between errors and fraud in financial statements
  • Identify errors and fraud practices in the valuation of assets
  • Identify indicators of errors or fraud in provision registration and in the allocation of revenues and expenses
  • Identify indicators of errors or fraud in dealing with provisions and contingencies and to identify and handle the events following budget’s date.
  • Define the roles of different entities that detect error and fraud

Course Outline:

Module 1: Distinguish between Errors and Fraud in the Financial Statement

  • Distinguish between errors and fraud in the financial statements
  • Impacts of the misstatements on the financial statements

Module 2: Indications of Errors and Fraud in Asset Valuation

  • Nature of some of basic items of the assets
  • Famous errors or fraud in valuation of the assets
  • Impact of errors or fraud on the financial position

Module 3: Indications of errors or Fraud in Revenues and Expenses

  • Manipulation in the calculation of depreciation and amortization
  • Manipulating of the composition and use of the expected contingent liabilities
  • Indicators of the existence of errors or fraud in the registration or recognition of revenues
  • Indicators of the existence of errors or fraud in registering expenses

Module 4: Indications of Occurring of Errors or Fraud in the Provisions, Contingent Liabilities and Subsequent Events of Balance Sheet Date

  • Provisions and contingent liabilities (IAS 28)
  • Subsequent events to the financial statements date ( IAS7)
  • Examples of errors and fraud in the treatment of provisions, contingent liabilities, and subsequent events of balance sheet date

Module 5: Responsible Parties for Detecting Errors and Fraud in Financial Statements

  • Role of management in detecting errors and fraud in financial statements.
  • Role of external auditing in detecting errors and fraud in financial statements.
  • Role of internal auditing in detecting errors and fraud in financial statements.

Assessment Strategy:

Participants will be informally assessed on their interaction during sessions and their participation in exercises

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