Mitigating the Risk of Fraud: Insights and Lessons Learned From SEC Enforcement Actions
November 16, 2021
3:30–4:30 p.m. ET
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Financial statement fraud has a broad reach, impacting stakeholders who have a role in the financial reporting ecosystem as well as retail investors, and such fraud is still in the spotlight today. As the SEC continues to highlight its financial fraud enforcement efforts, the Anti-Fraud Collaboration launched an initiative to conduct a comprehensive review of SEC Accounting and Auditing Enforcement Releases from 2014 through mid-2019 with Latham & Watkins and AlixPartners. This webinar will offer observations on common types of financial reporting fraud schemes; discuss effective fraud risk management programs, including tools, techniques, and use of technology; and highlight key themes, including corporate culture, complex accounting environments, changes in accounting standards, and the COVID-19 crisis.
- Understand common fraud schemes, risk areas most subject to manipulation, and other contributing fraud factors that various reporting and accounting issues identified in the SEC Enforcement Study.
- Identify processes and procedures that organizations can design and implement to mitigate the risk of fraud.
- Apply the lessons learned from past fraud schemes to address the heightened the risk of financial reporting fraud anticipated as a result of the COVID-19 pandemic.
Course Duration: 1 hour
CPEs Available: 1
Knowledge Level: Basic
Field of Study: Auditing
Advance Preparation: None
Delivery Method: Group Internet Based
Vice President, Research and Anti-Fraud Initiatives, Center for Audit Quality (CAQ)
Margot Cella is Vice President of Research and Anti-Fraud Initiatives at the CAQ. She chairs the Anti-Fraud Collaboration (AFC) Working Group, comprised of representatives from the associations whose members comprise the financial reporting supply chain: Financial Executives International, The Institute of Internal Auditors, and the National Association of Corporate Directors. She has been responsible for developing resources for the AFC, including case studies, webcasts, and reports on topics such as corporate culture, SEC enforcement matters, fraud risk, complex accounting issues, and internal control over financial reporting (ICFR). Prior to joining the CAQ, Cella focused on the consumer goods, retail, pharmaceutical, and automotive industries as the Global Research Lead for the Products Group at Accenture LLP.
David Dominguez, CIA, CRMA, CPA, CIDA, CFE
Director of Internal Audit, Itafos
David Dominguez has established, directed, and transformed corporate and regional internal audit functions at multinational companies in various industries. He has strategic and on-site experience leading and executing financial, operational, and IT assurance and advisory projects in North America, Latin America, Europe, and Asia. Dominguez has practical knowledge and practice in areas such as corporate governance, enterprise risk management, fraud risk management, Sarbanes-Oxley, and ethics and compliance programs. He has managed and participated in numerous multijurisdictional investigations, data analytics initiatives, and a wide variety of international shareholder, joint venture, and vendor contract compliance audits. He has also led training and workshop sessions covering fraud, corruption, internal audit, internal control, financial audit, and ethical business conduct. Dominguez serves or has served on various boards and committees at the local and global level for professional and non-profit organizations.
Dan Ramey, CIA, CRMA, CPA, CFF, CITP
President and Founder, Houston Financial Forensics
Dan Ramey is the President and Founder of Houston Financial Forensics. He is the Past President of the Houston Chapter of The Institute of Internal Auditors and formerly a member of the Board of Governors. Ramey previously served as Chairman of the Houston CPA Society’s Forensic and Valuation Committee and served two terms as Treasurer of the Houston Chapter of InfraGard. He is also active in the Houston FENG Chapter, where he was held several leadership roles. Ramey is a Lifetime Member of the Greater Houston Partnership, where he served for several years on the Ally Committee, integrating new members into the organization. He is currently an adjunct professor at the C. T. Bauer School of Business at the University of Houston, where he teaches Forensic Accounting and Fraud Examination and Enterprise Risk Management courses at the graduate level. Ramey is a frequent speaker to business and professional groups on fraud, cybersecurity/cyber fraud, risk assessment, third-party risk management, fraudulent financial reporting, internal audit, COSO 2013, valuation methodology, compliance, and due diligence.
Partner, Audit & Assurance, Deloitte & Touche LLP
Bill Pollard is a Partner in Deloitte & Touche’s National Office within the Fraud Risk Center serving as a Fraud Specialist for the firm. Prior to his current role, he was part of the Fraud & Financial Crime practice in Chicago, Illinois and was the Midwest FCPA Practice Leader. Pollard has spent more than 27 years providing forensic accounting services and has led and conducted a broad range of corruption, forensic accounting, and financial fraud investigations for private and public companies, government, and private individuals. He started his career in public accounting, providing accounting, auditing, and financial reporting services to clients in a variety of industries.