Date/Time: Sunday August 5, 2012 from 8:00 am-Noon
Description: A re-presentation of a very well received program from past meetings.
Financial scandals often lead to new accounting and auditing standards. Old Cases such as 1136 Tenants or Ultramares caused the establishment of audit procedures that are so common today, it is hard to believe audits were ever performed without them. Recent cases such as Enron, Worldcom, Waste Management and Parmalot are once again causing a reassessment of current audit standards.
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.
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.
Field of Study: Social Environment of Business
Program Level: Intermediate
Method of Delivery: Group — Live
Intended Audience: College professors, practitioners, and those active in the accounting profession.
Format/Structure: The session will be primarily lecture with participants encouraged to discuss cases and offer their perspective.
Learning Objective: To gain an in dept understanding and perspective on the origins of audit standards and their goals.
Advanced Preparation Required: None