(1) What is fraud and fraudulent financial reporting?

a) Movie “All the Queen’s Horses”

b) Definition of fraud and financial statement fraud

c) The Fraud Triangle

(2) The role of financial statements

a) Information contained in financial statements

b) The process of financial reporting

c) The importance of financial information

(3) Realization of financial statement fraud: Traditional recipes for “Cooking the Books”

a) Revenue-based schemes

b) Asset-based schemes

c) Expense and liability schemes

(4) Detection of financial statement fraud: The role of the auditor

a) The responsibilities of the statutory auditor

b) Standards of auditing

c) Fraud detection audit procedures

d) Materiality

e) The auditor’s report and independence

(5) Consequences of financial statement fraud

a) Costs of financial statement fraud at the individual level

b) Costs of financial statement fraud at the market level

c) Financial fraud at European Union level (with case studies*)

d) Regulations implemented to increase the quality of audited financial statements

(6) Case studies (e.g.: Qatargate – the latest EU scandal*)

(7) Individual projects

* – changes in the Sylabus/ new or revised topics