1.0 CPE This video-based course uses a case study of embezzlement and financial statement fraud at a small public company to demonstrate the importance of internal controls, management oversight by the board of directors and an organizational emphasis on ethics in the prevention of fraud. It also examines the CPA auditor’s responsibility for internal controls and the prevention and detection of fraud as part of its work. The company that the case study utilizes is Koss Corporation.
Learning Objectives
- Recognize the SEC rules regarding smaller reporting entities.
- Recognize the auditor responsibility for client internal controls.
- Identify the Koss Corp. embezzlement and financial statement fraud with inadequate internal controls.
Last updated/reviewed: March 12, 2024
33 Reviews (118 ratings)
Reviews
Anonymous
(Anonymous)
The story was very interesting and shows how important internal controls, reconciliations, and board of director's expertise is important for internal controls to be more effective. This story also shows why financial expertise is warranted when your in a CFO postion.
Anonymous
(CPA)
It is a great case with a nice layout.
Additional detail on why the auditors were not held accountable for not identifying the personal expenses that were so extreme and the significant uptick in amex expenses vs other business expenses is baffling.
Anonymous
(Internal Audit Manager)
Very interesting case study and interesting course! Definitely enjoyed the course structure/pace as well! Love these real world case studies and also appreciated the instructor giving the additional pictures and info on the items that were purchased.
Anonymous
(Internal Control Officer)
The content was good and I found that using a real case study is a good way to teach concepts. This was quite interesting to explain how the dimensions of the fraud triangle were all present and all contributed to this fraud.
Anonymous
()
Very interesting case study and well presented by Ms. McCarthy. It's unfortunate many companies put so much trust in people that they give them the keys to the kingdom without checking on them.
Christopher Hole
(Director of Internal Audit at Roseburg Forest Products)
Fun review of a pretty outrageous fraud. Not a particularly complex case, but it's a good example of how much money can be misappropriated, even by amateur's.
Warren Parker
(Senior Accounting Spec at SEIU)
Excellent story telling about a classic case proving the importance of internal controls and the potential consequences of not properly implementing them.
Anonymous
(Controller)
Very interesting case. VEry much enjoyed hearing about this actual case. Makes you think about potential for fraud at clients who are family run.
Anonymous
(Senior Internal Auditor)
This course offers an interesting case study of embezzlement. I Liked how it dived into how the embezzlement went undetected for a long time.
Anonymous
()
Course fully met objectives. Showed importance of testing and validating the effectiveness of internal controls to prevent fraud.
gunjan shah
(Accountant at SEMRUSH)
This is very engaging course with real life fraud example. Importance of tight internal control is implied from the story.
Anonymous
(-)
Good example review that shows the importance of internal controls and management overview that was lacking in this case.
Anonymous
(Deputy IG)
Interesting case studies. The discussion on internal control weaknesses that led to the fraud was very beneficial.
Anonymous
(internal audit consultant)
Very interesting case. I was unable to understand the audio in places, but had enough to get the important data.
Scott Anderton
(CFO at HCA)
It is always interesting to hear a real life example and provides first hand knowledge of the tips to consider.
Anonymous
(Internal Auditor)
A small but interesting course. it will be interesting to those who know Alice the fox and Basilio the cat well
Anonymous
()
Great case study on the Koss Fraud. It was informative to note the applicability of SOX to smaller companies.
Erica Claudin
(Director, Financial Reporting at Charter Communications)
Found this to be interesting and a good reminder that these instances of fraud do happen in real life.
Anonymous
(Vice President / Technology and Planning)
Very interesting case of a multi-year financial statement fraud. The scope of of this fraud was huge.
Anonymous
(Staff Accountant)
This is an interesting case study. A good reminder of the importance of internal controls.
Anonymous
(Director, Governance)
Great case study that was entertaining and educational. Enjoying hearing real life examples.
Anonymous
()
Thank you very much. I really apprewciate it. Great course. Very informative. Good job.
Anonymous
(Controller)
Very interesting course / story with the fraud laid out in an easy to follow format.
Anonymous
()
Great course of Koss corporation - a Case Study in Fraud which added value to me
Dorothy Burns
(Staff Auditor II at DHHS)
The instructor didn't present the materials effectively as I would have hoped.
Anonymous
(CRO)
A little slow, but still exemplified the need for proper internal controls.
Anonymous
(--)
While material covered was engaging, flow of presentation felt stagnant.
Sophia Kasozi
(- at City of Edmonton)
Excellent discussion on the implications of weak internal controls.
Anonymous
(Accounting Manager)
Interesting topic. The presented provided good information.
Anonymous
()
Very good course had not heard of this before. Thank you.
Anonymous
(Audit Manager)
An excellent breakdown of a fraud in a case study format.
Anonymous
(Finance Analyst)
Simple course and the case study was very interesting
Michael DeSanto
(Sr. Financial Auditor at Google)
Very interesting, had not heard about this before!
Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA
95113
Contact:
For more information regarding this course, including complaint and
cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to
.
Patricia McCarthyMember
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