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Sound Corporate Governance series

Understanding auditors’ responsibility in


MANIPULATION AND FALSIFICATION
OF FINANCIAL STATEMENTS
4th – 5th May 2009, InterContinental Hotel, Manila, Philippines
Your opportunity to hear...
Tommy SEAH and Stanley CHIA
World Class trainers for practicing auditors

Course Objectives
- An excellent opportunity to learn how best to protect your organization and step up on controls to
prevent fraud in financial statements.
- To impart a detailed understanding of forensic accounting with particular emphasis on the
methodologies of financial statement fraud.
- To demonstrate the various aspects of fraud; i.e. fraudulent financial reporting identifying fraud
schemes, including computer fraud and methods of concealment, as was the analytical techniques in
uncovering fraud and its prevention through effective internal control systems.
- Analyse the general technique used in working in litigation support services.

Course Description
If you are reading this, this course is for you. It is auditor negligence have been disclosed over the
not just for accountants and auditors . It is for past few years - WorldCom/Arthur Andersen,
anyone and everyone who is interested in the Xerox/KPMG, Enron/Arthur Andersen, Adelphia
manipulation and falsification of Financial Communications / Deloitte & Touche, Baptist
Statements. Foundation of Arizona/Arthur Andersen, just to
name a few. Most responsible and diligent
The course is of particular interest to the
manager's major concerns would be financial
accounting profession, the world of finance and to
loss, damage to reputation and brand, and the
business in general.
effect on employee morale. Satyam is a good
Fraud in Financial Statements is found in almost example how things badly things could go wrong.
all countries. Asian countries and in particular
The course content has also become of critical
Singapore, China, Philippines and Malaysia are
interest to regulators and lawmakers because of
not exempted from such an economic malady.
the notoriety of a series of recent financial
Studies have shown that financial statement
scandals that have affected the entire business
misstatements have occurred at both large and
community. The course will also review the new
small companies, at times causing a huge impact
institutional structures that have been put in place
on the bottom line and the share price. Financial
recently by lawmakers and the accounting
statement fraud causes a decrease in the market
profession to deal with fraud and its prevention,
value of a stock of approximately 500 to 1,000
i.e., the Sarbanes-Oxley Act and self-regulating
times the amount of the fraud. The latest is of
measures adopted by the accounting profession.
course the infamous SATYAM case. Numerous
examples of financial statement fraud and alleged
Recognizing the challenges that organizations are facing in combating Financial Statement
Fraud, the event organiser is pleased to present this 2- day workshop on
Manipulation and Falsification of Financial Statements
Understanding auditors’ responsibility in MANIPULATION
AND
FALSIFICATION OF FINANCIAL STATEMENTS

DAY ONE DAY TWO

UNDERSTANDING FINANCIAL STATEMENT THE ANATOMY OF FINANCIAL


STATEMENT FRAUD
• Financial Statement
• Key Elements of Financial Statements • Utilize Aggressive Reserves
• Financial Statement Manipulation • Delay/alter Expense Recognition
• Why do senior management falsify the • Accelerate Revenue Recognition
books? • Exploit Acquisition Reserves
• Errors vs. Irregularities • Make Unsupportable Entries
• Lessons Learned, a Case Study: Analysis • Fabricate Additional Revenues
of a Famous Case
ANALYSIS OF COMMON FRAUD
THE FRAUD TRIANGLE - THE THREE EXAMPLES AND HOW TO DETECT
FACTORS PRESENT IN ORGANISATION POTENTIAL WARNING SIGNS
THAT ALLOW FRAUD TO OCCUR • “Refreshed” Receivables
Understanding FRAUD • Misstatement Of Expenses
• Incentive/Pressure • Sales of Development Stage Products
• Opportunities • Management Disclosure & Analysis Fraud
• Attitudes/Rationalization • Channel Stuffing
• Profiles of a Financial Statement Fraudster • Misdated Transactions
• Misstatement Of Asset Value & Liabilities
EVALUATING THE EXISTENCE OF FRAUD • Money Laundering
• Identifying Your Exposure to Financial • Moving Inventory Between Locations
Statement Fraud • Fraudulent Audit Confirmations
• Evaluate the Existence of Fraud Risk Factors • Off Balance Sheet Liabilities
Using SEATA™ Risk • Improper Revenue Recognition
Assessment Methodology
• Looking for Financial Fraud Schemes Within
Your Organisation

Note: This session will enable participant especially Directors and Non- Financial Senior Executives to
better understand the basic accounting principles in financial statements. You will learn to recognize the
information financial statements convey and how to interpret and act upon the information when reviewing
financial statements.

Jointly Organized by Endorsed by

CFE International CFE Strategic


Consultancy Group Alliances
Private Limited
Certified System Investigator
CSI World Headquarters, Singapore
Understanding auditors’ responsibility in MANIPULATION
AND
FALSIFICATION OF FINANCIAL STATEMENTS

Tommy is the only Singaporean that has made a name for himself in America’s largest
and world renowned Anti-Fraud Association. In 2006, he was elected by his peers in
more than 100 countries to be the Vice Chairman of The Association of Certified Fraud
Examiners Board of Regents based in Texas, USA. CFE is a post graduate professional
qualification recognized by the FBI and USA Central Intelligence Agency in it’s
recruitment of auditors for combating fraud. He is also the Chairperson of CSI World
Headquarters. CSI is the only Digital Forensic Certification body that operates in Asia. A
number of auditors in the United Nations and government services proudly carry the CSI
designation with distinction.
His services in providing anti fraud and technical product training is much sought after by
Tommy Seah numerous multinational companies, banks and governments in the region, including
FCPA, Germany, Singapore, Malaysia, China, Indonesia, Philippines and Taiwan. Tommy's
previous work experience includes systems based auditing in an American International
Regent Emeritus,
Bank, where he was the Senior Regional Auditor responsible for the Bank's audit in the
ACFE (Texas, USA) Asia Pacific region. He has also held the top executive position of Chief of Internal Audit
Chairperson, in a prime offshore bank where his audit duties cover the Singapore and Hong Kong
CSI World operations of the bank. He covers all areas of the bank's audit of operations and IT
Headquarters systems. He also has practical working experience in the Operations Department of a
foreign bank. Of late, Tommy has very successfully trained Anti-Narcotics Police Officers
from most of the ASEAN countries. In 2008, he was awarded the privilege to train the
highly skilled and intellectually superior officers from the Competition Commission of
Singapore. Tommy Seah is also a prolific writer. He is the author of seven banking books
including the F.I.G. Program. The FIG is the authoritative and definitive text on Financial
Instruments designed to be used in the worldwide banking industry for product training.
This publication has received excellent review and first class commendation from some
of the most authoritative professional certification body and top rated banks in the world.
The other six authoritative texts used in his training are The Foreign exchange Audit,
The Control of Money Market Activities in Banks, Financial Management, MCA for Banks,
SWAPS in Investment Banking and Anti-Money Laundering 101. His latest publication
attempt is on Profiling and Interviewing Techniques. He has set for himself the goal to be
the first Asian to write the first book in “Technology Fraud for the Banking Industry”.

Stanley is both the Director & Principal Consultant of CFE Strategic Alliances, the
training arm of CFE-In-Practice group of companies and also the Managing Director of
CFE International Consulting Group Pte Ltd, a think-tank company that provides multi-
consultancy solutions to companies worldwide. He specializes in investigative
interviewing & profiling techniques and has handled numerous cases for both local and
foreign financial institutions.
Stanley is also the current Honorary Director, Research & Publication of CSI World
Headquarters, an international accreditation body for Digital Forensic. Stanley has
Stanley Chia worked for large financial institutions like AIA Insurance, Singapore Exchange and United
CFE, Overseas Bank where he was involved in anti-money laundering, compliance,
ACFE (Texas, USA) enforcement and fraud investigation work. To date, he has investigated more than 100
fraud and compliance-related cases and some of them involved over US$1M.
CAMS, ACAMS
CSI, He is well versed in financial products knowledge, fraud examination techniques and
CSI World Headquarters compliance methodologies. Stanley is often invited to speak at conferences and seminars
in Singapore, Malaysia, Hong Kong and Shanghai where he taught fraud investigation,
investigative interviewing techniques profiling techniques and internal control. He has
also co-authored a series of pocketsized guide books for auditors published by CSI World
Headquarters. He is currently writing a book on Interviewing & profiling techniques –
ISBN 978-981-08-0599-9.
REGISTRATION FORM
Understanding auditors’ responsibility in MANIPULATION
AND
FALSIFICATION OF FINANCIAL STATEMENTS

4th – 5th May 2009, InterContinental Hotel, Manila, Philippines


Course Fees

Category Discount 1 day only:


SGD 600 (companies based in the Philippines)
Early Bird ** 5% SGD 700 (companies not based in the Philippines)
Corporate (3 or more pax) 5% 2 days:
ACSI (Associate) 10% SGD 1100 (companies based in the Philippines)
SGD 1300 (companies not based in the Philippines)
CSI (Certified) 15%
PAYMENT METHODS
* Does not include hotel accommodation.
** Early Bird Discount ends 20th March 2009. By Cheque:
Please cross cheque made payable
PARTICIPANT DETAILS to CFE International Consultancy Group Pte Ltd
and mail your payment together with this
NAME: Dr/ Mr/ Mrs/ Ms registration form to the company address
stated below in the “How to Register” box below.
COMPANY DESIGNATION: Telegraphic Transfer:

• Singapore & Other Delegates—


COMPANY NAME:
The Hongkong and Shanghai Banking Corporation Ltd
Account No. : 147-619399-001
COMPANY ADDRESS: Account Name : CFE International Consultancy Group
Pte Ltd
Swift Code : HSBCSGSG
PARTICIPANT’S EMAIL:
HOW TO REGISTER
TEL NO. : ONLINE : www.cfe-icg.com
EMAIL : registration@cfe-icg.com
TEL : (+65) 6222 9860
FAX NO. : FAX : (+65) 6222 9865
POST TO : CFE International Consultancy Group
Pte Ltd
CONTACT PERSON’S NAME: 6 Eu Tong Sen Street
#05-13, The Central
Singapore 059817
I have read and understood the booking terms &
conditions
CFE International
Signature: Date: Consultancy Group
Private Limited
IMPORTANT NOTICE
Payments are required with registration and must be received prior to the Coaching Session to guarantee your place. Walk-in delegates will only be admitted on the basis of space availability at
the Coaching Session and with immediate full payment.
CANCELLATIONS & TRANSFERS
If you are unable to attend, a substitute delegate is welcome at no extra charge. Please provide the name and the title of the substitute delegate at least 2 days prior to the program. A refund
less 10% administrative charge will be made for cancellation received in writing 10 working days before the program date. A complete set of program documentation and a 50% refund will be
given for cancellation made 3 working days before the program date. Regrettably, no refund can be made for cancellation made on and/or after the program. A complete set of documentation
will however be posted to you.
The organizer reserves the right to make any amendments and/or changes to the program, venue, speaker replacements and/or topics if warranted by circumstances beyond its control.
DISCLAIMER
Due to the interactive nature of the learning session, the sequence and contents of the program may be vary according to the needs of the participants. The speaker reserves the right and the
privilege to conduct the program in the manner which he thinks to be in the best interest of the majority of the participants. Please ensure that you understand this completely so as to prevent
any form of unrealistic expectation and or disappointment in a public enrolment program that was not tailored to your specific need. Please inform the
organizer in advance if you are not agreeable or do not completely understand the above term and we will cancel your enrolment accordingly.