Finding fraud: The schemers may change but the schemes are old school

I get asked a lot for an explanation of common fraud schemes and some real life examples

This article in CPA Journal by Douglas R. Carmichael, PhD, CPA, CFE and the Claire and Eli Mason Professor of Accountancy at Baruch College, New York, N.Y., says that one of the primary motivations of the new revenue recognition standard, ASC 606 effective in 2018, was “to prevent fraud and abuse in the recognition of revenue.”

“…the requirements for co…