CPE Session 26: Sunday, August 3, 8:00 AM – 12:00 PM

Deceptive Accounting Practices

(Auditing – Intermediate)

Description/Objectives:
This is a repeat of a very well received program from the past two years.

Financial scandals serve as a basis for the reassessment of accounting standards. Old cases such as 1136 Tenants or Ultramares caused the establishment of standards that are so common today, it is hard to believe what was like without them. Recent cases such as Enron, WorldCom, and Waste Management are once again causing a re-evaluation and the issuance of new standards.

The session will cover dozens of frauds related to various areas of accounting. It will review the facts related to the case, and examine subsequent standards, audit procedures, and regulation that have been implemented as a result of the scandal.

Over 75 cases will be presented and classified in areas such as the roll of the auditor, inventory, independence, cash, capitalizing expenses, leases, non-existent 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 dozens of cases, followed by discussion.

Presenter:
Kenn Heaslip, Bloomfield College

Note: CPE fields of study are in parentheses