AC 401 Fraud Auditing and Forensic Accounting
In-depth study of Fraud Auditing which is the process of detecting, preventing, and correcting fraudulent activities. Examines the many components of fraud, such as the human element, organizational behavior, evidence and standards of proof, an awareness of the personality for fraud, and how to recognize the so called red flags. The course provides bases for distinguishing actual fraud from human error with respect to modified records, missing records, destroyed records, counterfeit records, and omissions. Intensive study of The Sarbanes- Oxley Act (SOX) and The Statement on Auditing Standards (SAS) No. 99 which were passed in 2002 as a result of the major financial fraud scandals involving Enron, Tyco, and WorldCom.