There are several different types of errors in accounting. Accounting errors are usually unintentional mistakes made when recording journal entries.
Small accounting errors may not affect the final numbers in financial statements. Or they might cause major distortions in the overall figures. These types of errors require lots of time and resources to find and correct them
The integrity of the information in accounting system is only as good as the data entered. This means including an item in the appropriate account, applying the correct description or code for the item, and entering the correct amount. Accounting errors can result from simple mistakes or misunderstanding accounting rules.
Fraud detection is a set of activities undertaken to prevent money or property from being obtained through false pretenses. Fraud detection is applied to many industries such as banking or insurance
Fraud in audits is when an entity is found to have illegally altered financial statements to manipulate its financial health or to hide profit or losses. It is severely punished since fraud undermines the trust that is the bedrock of the global financial system.
Financial statement fraud is the deliberate misrepresentation of the financial condition of an enterprise accomplished through the intentional misstatement or omission of amounts or disclosures in the financial statements to deceive financial statement users.
Please go through the curriculum thoroughly before purchasing the course
The following topics are covered in this course:
1.Errors of omission
2.Errors of commission
3.Errors of principle
4.Compensating errors
5.Self revealing errors
6.Non Self revealing errors
7.Intentional errors
8.Unintentional errors
9.Concealed errors
10.Unconcealed errors
11.Errors affecting trial balance
12.Employee fraud
13.Managemnet fraud
14.Misappropriation of assets
15.Misappropriation of goods
16.Defalcation of cash
17.Window dressing
18.Fraudulent financial reporting
19. Management override of controls
