CPE Session 27: Sunday, August 5, 8:00 AM – 12:00 PM

Deceptive Accounting Practices

(Auditing)

Description/Objectives:
This is a repeat of a very well received program from last year.

Every time there is a financial scandal such as Enron, WorldCom, 1136 Tenants, or Ultramares, the accounting profession reassesses the standards and looks for ways to avoid a repeat of the problem. The session will cover dozens of frauds related to various areas of accounting, reviews the facts related to the case, and examines subsequent standards, audit procedures, and regulation that have been implemented as a result of the scandal. More than 75 cases will be presented and classified in areas such as the role of the auditor, inventory, independence, cash, capitalizing expenses, leases, nonexistent assets, fair value estimates, excess reserves, revenue recognition, fictitious revenue, barter, channel stuffing, related-party transactions, loans, write offs, and reserves. The format of the program will be the presentation of over a dozen cases, followed by discussion.

Presenter:
Kenn Heaslip, Seton Hall University

Note: CPE fields of study are in parentheses