Total Credits: 3 including 1 Accounting (Governmental) - Technical, 2 Auditing (Governmental) - Technical
This course will focus on the most common types of fraud in the construction procurement and contracting arena. The course will examine fraud vulnerabilities in the four key phases of the construction procurement process:
• Presolicitation,
• Negotiation,
• Performance, and
• Closeout and Claims.
Within each phase, “red flags” will be discussed. These are the indicia of possible fraud that managers and auditors should be alert for. Also within each phase, the most common fraud schemes will be highlighted and discussed. Finally, the course will describe the generally accepted safeguards or controls that should be established to prevent the various fraud schemes that can occur. The course will conclude with case studies describing actual fraud uncovered in two high-profile construction projects. These case studies will illustrate several of the fraud schemes described during the course and describe how they were uncovered.
* Understand the phases of a construction project and the procurement process
* Understand the key ways that fraud can occur in each phase
* understand the red flags indicating possible fraud
* Understand key controls and safeguards designed to minimize the occurrence of fraud
* Construction contracting and procurement
* Construction fraud schemes
* Construction fraud red flags
* Construction fraud safeguards and controls
Important CPE Credit Information_READ BEFORE WEBCAST UPDATED (0.47 MB) | Available after Purchase |
Handout-slides_Fraud in Construction (3.96 MB) | 61 Pages | Available after Purchase |
Fraud in Construction Contracting and Procurement_Q&A (15.7 KB) | Available after Purchase |
Dave Cotton is chairman of Cotton & Company LLP, Certified Public Accountants, headquartered in Alexandria, Virginia. The firm was founded in 1981 and has a practice concentration in assisting Federal and State government agencies, inspectors general, and government grantees and contractors with a variety of government program-related assurance and advisory services. Cotton & Company has performed grant and contract, indirect cost rate, financial statement, financial related, and performance audits for more than two dozen Federal inspectors general as well as numerous other Federal and State organizations, programs, activities, and functions.
Cotton & Company’s Federal agency audit clients have included the U.S. Government Accountability Office, U.S. Navy, U.S. Marine Corps, U.S. Transportation Command, U.S. House of Representatives, U.S. Capitol Police, U.S. Small Business Administration, U.S. Bureau of Prisons, Millennium Challenge Corporation, U.S. Marshals Service, and Bureau of Alcohol, Tobacco, Firearms and Explosives. Cotton & Company also assists numerous Federal agencies in preparing financial statements and improving financial management, accounting, and internal control systems.
Dave received a BS in mechanical engineering (1971) and an MBA in management science and labor relations (1972) from Lehigh University in Bethlehem, PA. He also pursued graduate studies in accounting and auditing at the University of Chicago Graduate School of Business (1977 to 1978). He is a Certified Public Accountant (CPA), Certified Fraud Examiner (CFE), and Certified Government Financial Manager (CGFM).
Dave served on the Advisory Council on Government Auditing Standards (the Council advises the United States Comptroller General on promulgation of Government Auditing Standards—GAO’s yellow book) from 2006 to 2009. He served on the Institute of Internal Auditors (IIA) Anti-Fraud Programs and Controls Task Force and co-authored Managing the Business Risk of Fraud: A Practical Guide. He served on the American Institute of CPAs Anti-Fraud Task Force and co-authored Management Override: The Achilles Heel of Fraud Prevention. Dave is the past-chair of the AICPA Federal Accounting and Auditing Subcommittee and has served on the AICPA Governmental Accounting and Auditing Committee and the Government Technical Standards Subcommittee of the AICPA Professional Ethics Executive Committee. Dave chaired the Fraud Risk Management Task Force, sponsored by COSO and ACFE and is a principal author of the COSO-ACFE Fraud Risk Management Guide.
Dave served on the board of the Virginia Society of Certified Public Accountants (VSCPA) and on the VSCPA Litigation Services, Professional Ethics, Quality Review, and Governmental Accounting and Auditing Committees. He is a member of the Association of Government Accountants (AGA) and past-advisory board chairman and past-president of the AGA Northern Virginia Chapter and currently serves on the AGA Professional Ethics Board. He is also a member of the Institute of Internal Auditors and the Association of Certified Fraud Examiners (ACFE).
Dave has testified as an expert in governmental accounting, auditing, and fraud issues before the United States Court of Federal Claims and other administrative and judicial bodies.
Dave has spoken frequently on cost accounting, professional ethics, and auditor fraud detection responsibilities under SAS 99, Consideration of Fraud in a Financial Statement Audit. He has been an instructor for the George Washington University masters of accountancy program (Fraud Examination and Forensic Accounting), and has instructed for the George Mason University Small Business Development Center (Fundamentals of Accounting for Government Contracts).
Dave was the recipient of the ACFE 2018 Certified Fraud Examiner of the Year Award (“presented to a CFE who has demonstrated outstanding achievement in the field of fraud examination … based on their contributions to the ACFE, to the profession, and to the community”); AGA’s 2012 Educator Award (“to recognize individuals who have made significant contributions to the education and training of government financial managers”); and AGA’s 2006 Barr Award (“to recognize the cumulative achievements of private sector individuals who throughout their careers have served as a role model for others and who have consistently exhibited the highest personal and professional standards”).
None
Internal and external auditors at all levels; accountants involved in procurement and construction at all levels
01/08/2018
Yes
David L. Cotton, CPA, CFE, CGFM
01/03/2018
Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
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