Detecting and Auditing for Fraud in Financial Statements: Identifying the “Red Flags” and Risk Management Techniques
Speaker: Kenneth Barden
Speaker Designation: Independent Consultant/ Compliance Expert
Speaker: Kenneth Barden
Speaker Designation: Independent Consultant/ Compliance Expert
Financial risks are linked to your company's administrative and operational procedures ranging from your IT systems, to regulations to recruitment. Rising revenue without corresponding growth in cash flow — this is the most common warning sign of financial statement fraud.
This AML compliance webinar will look at the use of financial statements as a tool to commit fraud upon the financial sector and investors and common tricks used by fraudsters, as well as identifying “red flags” for potential problems.
There are red flags and warning signs that are often missed in detecting financial statement fraud.
Many companies have started addressing financial statement fraud due to the financial losses suffered and collapse of their well-established brand identity.
Financial fraud is a serious white-collar crime that often results in harsh penalties and fines. If you are an auditor or a financial statement preparer, you must be aware of the red flags or potential red flags for fraud in financial statements. Other users of financial statements, such as shareholders, regulators, and creditors, will benefit from this as well.
This webinar will discuss some of the ways in which one relying on such financial information may take steps to prevent falling victim to fraud.
Financial statement fraud remains a critical concern for businesses, regulators, and investors. The ability to detect and audit fraudulent activities within financial statements is essential to maintaining the integrity of financial reporting and ensuring the trust of stakeholders. Understanding the "red flags" that signal potential fraud and employing effective risk management techniques are crucial components of a robust financial oversight strategy. Fraudulent financial reporting can take many forms, including manipulating revenues, expenses, assets, and liabilities. These misstatements can lead to significant financial losses, legal consequences, and reputational damage.
Kenneth Barden is an attorney and a seasoned Compliance and Regulatory Specialist. He is a Certified Anti-Money Laundering Specialist (CAMS) and is COSO-certified. He has over 37 years of professional experience, both within the US and internationally. His primary focus has been on compliance, financial integrity, and public financial management development. Ken has developed regulations and processes for several countries in the development of their AML/CFT regimes. Specifically, he helped set up the financial intelligence units within Indonesia, Azerbaijan, Palau and Palestine.
He previously served as Senior Anticorruption and Governance Advisor with the US Agency for International Development and served as that agency’s representative on a number of inter-agency committees with Treasury, State and Commerce and represented the US at several UN Convention against Corruption (UNCAC) Conference of State Parties. He has written extensively on AML/CFT, compliance and financial integrity and frequently presents at workshops and online webinars. He is a graduate of Indiana University School of Law, and has completed several post-graduate study programs.