Dates and location
Hours
Dates and location
Hours
Description
This video podcast course examines a seven-year lottery fraud scheme in which a Canadian convenience store owner stole a $12.5 million winning ticket from a customer, exposing critical weaknesses in organizational internal controls and fraud prevention systems. Through analysis of the Chung family's theft and the Ontario Lottery and Gaming Corporation's delayed response, participants will learn to identify the three elements of the fraud triangle—incentive, opportunity, and rationalization—and understand how inadequate segregation of duties, lack of customer-facing verification systems, and insufficient insider monitoring create vulnerabilities for occupational fraud. The case demonstrates how system failures enabled the fraud to continue undetected for seven years despite early warning signs, and highlights the internal control improvements ultimately implemented including mandatory ticket signing, customer-facing screens, and stricter insider win policies that CPAs can apply to protect organizational assets and detect fraud indicators in their own professional environments.
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Key Takeaways
Upon completion of this course, learners will be able to:
- Analyze the three components of the fraud triangle (incentive, opportunity, and rationalization) to identify fraud risk factors in organizational settings, using the Chung family's withholding and claiming of a stolen $12.5 million lottery ticket.
- Evaluate internal control weaknesses that enable occupational fraud, including management's failure to act on identified red flags, lack of mandatory investigation protocols, and inadequate segregation of duties in transaction processing.
- Apply fraud prevention strategies and internal control improvements, including customer-facing verification systems, mandatory documentation requirements, and decisive management response protocols, to detect and prevent similar fraud schemes in professional practice.
Who Will Benefit
This course will benefit CPAs who are responsible for evaluating internal controls and preventing occupational fraud within their organizations.
How to Access the Course
New mobile learning! Download Blackboard Learn from your app store (iOS or Android). Learn more.
To access the course on your computer please visit our BlackBoard site, and log-in using the same login and password used for the Registration Portal.
Please allow up to 15 minutes after registration for the course to appear on your BlackBoard page.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.
Speaker(s)
Garth Sheriff, CPA, CA, CPA (Illinois), CIA, CGMA, MAcc, is the founder of Sheriff Consulting. Sheriff Consulting provides continuing professional experience (CPE) courses in leadership, communication, and assurance. Garth has worked as an assurance professional and learning provider for over 20 years. Garth has also acted in various stage and film productions. He is a graduate in improvisation from The Second City and a member of ACTRA (the Alliance of Canadian Cinema, Television and Radio Artists).
Josh Sager is a co-host of The Fraud Complex podcast, bringing engaging storytelling and analysis to complex fraud cases. His background in performance and communication helps make intricate financial crimes accessible and memorable for professional audiences.