CONTINUING PROFESSIONAL EDUCATION FOR FRAUD FIGHTING PROFESSIONALS
OUR JULY-AUGUST 2019 LECTURE IS ‘COOKING THE BOOKS – FINANCIAL STATEMENT FRAUD’ FOR 2 CPE CREDITS!
CHAPTER OFFICERS FOR THE CHAPTER YEAR 2019
Charles W. Lawver, CFE – President & Webmaster
Rumbi Bwerinofa – CFE – Vice – President
Marlyn Jones – CPA – Secretary – Treasurer
Jerry Hall – CFE – Training & Special Events Coordinator
July-August 2019 Message from Charles Lawver, 2019 Richmond Chapter President
WE ARE ALWAYS LOOKING FOR NEW MEMBERS!
We are always looking for new members! If you haven’t already done so, please consider joining us … our members, receive 20 to 30 hours of high quality, fraud related CPE annually from on-line and live events for annual dues of just $35.00. Use this link to find out about our Chapter and to pay your dues and If you know of someone you think would like to join us, please encourage them to do so.
PLEASE REGISTER AS A USER ON OUR CHAPTER’S WEBSITE!
Our Chapter website and supporting domain is http://www.cvacfes.com, so mark it as a favorite in your browser.
Please register as a user of the site. Open the MyAccount link at the top of the homepage and register by using your email address as the user name and a password of your choice. Make sure to make note of your password (if you do forget it, the new site has a feature that will allow you to set a new one).
This month’s lecture for Chapter Members
This month’s lecture is COOKING THE BOOKS – FINANCIAL STATEMENT FRAUD for two CPE credits.
As every CFE know financial statement fraud is the deliberate misrepresentation of the financial condition of an enterprise accomplished through the intentional misstatement or omission of amounts or disclosures in the financial statements to deceive financial statement users.
Financial statement fraud is usually a means to an end rather than an end in itself. When people “cook the books,” they might be doing it to “buy more time” to quietly fix business problems that prevent their company from achieving its expected earnings or complying with loan covenants. It might also be done to obtain or renew financing that would not be granted, or would be smaller, if honest financial statements were provided. The ACFE tells us that in many past financial statement fraud cases, the perpetrators have gained little or nothing personally in financial terms. Instead, the focus appears to have been preserving their status as the organizations’ leaders—a status that might have been lost had the real financial results been published promptly.
The bottom line is that financial statement fraud almost always involves overstating assets, revenues, and profits and understating liabilities, expenses, and losses. Enjoy!
Our LinkedIn Page
We encourage all of you to check out the Chapter’s LinkedIn page periodically for announcements about what’s going on with the Chapter and to leave any comments or posts by starting a discussion on the page…if you don’t have a LinkedIn page, it’s easy to set one up for yourself (its free) and then select our ACFE group page to follow.
Also, we are asking all Chapter members to please follow our blog TheInnerAuditor. There you will find blog posts from myself and from guest posters. If any of you would like to share a guest post on any fraud related topic, please send the text to me at email@example.com and I’ll see that it gets published on the blog. So, please give us a look periodically at our LinkedIn site and at our blog. As always, I look forward to speaking with any of you with comments or suggestions about how we can all make our Chapter stronger and better. I can be reached at firstname.lastname@example.org.”