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Live Webcast Replay

Mistakes Were Made--Heads Rolled; The Responsibilities of the Governing Board


Total Credits: 2 including 2 Accounting - Technical

Average Rating:
   59
Categories:
ACPEN Industry Institute |  Partner Produced
Faculty:
David L. Cotton, CPA, CFE, CGFM
Course Levels:
Intermediate
Duration:
2 Hours
License:

Dates


Description

This session examines the basic responsibilities--legal, ethical, and fiduciary--of the governmental or not-for-profit board member. The session also examines a real-life case study of tragic proportions concerning a government-funded housing authority, one of the largest in the country. The authority ended up paying its chief executive an unusual (some said irregular) compensation package. The press found out. Further irregular activities were uncovered. The ensuing investigation embroiled everyone involved in acrimonious second-guessing and recriminations. Participants will explore: Who was at fault? Did the oversight board err, were they part of a conspiracy, or were they just negligent? Did the auditors carry out their responsibilities properly? Lessons learned--How could this have been prevented? What was the true cost and who were the true victims? If you serve on a not-for-profit board or work with not-for-profit boards, this session will provide valuable insights into board member duties and responsibilities.

Basic Course Information

Learning Objectives

*Understand the responsibilities—legal, ethical, fiduciary—of those charged with governance.

*Understand the importance of careful oversight of organizational management.

*Understand the importance of sound and diligent governance.


Major Subjects

*Not-for-profit

*Legal, Ethical, and Fiduciary Responsibilities of Board Members *Governmental


Course Materials

Faculty

David L. Cotton, CPA, CFE, CGFM's Profile

David L. Cotton, CPA, CFE, CGFM Related Seminars and Products


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”).


Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Designed For Internal and external accountants and auditors; managerial personnel; those charged with governance.
Yellow Book

Yes


Course Developer David Cotton

Additional Information

Course Registration Requirements Online Registration
Refund/Cancellation Policy Please contact the ACPEN help desk - (877) 602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.
Complaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement

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


Instructional Delivery Method Group Internet Based

Reviews

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Overall:      4.6

Total Reviews: 59

Comments

Jayne J - Russellville, Arkansas

"ACPEN courses are incredible. My favorite method for attaining CPE and staying up-to-date."

Jerri K

"good class!"

Karen A - Navarre, Florida

"Loved the course - because the format was engaging and enjoyable. Slides are considerably behind throughout the presentation."

Sarah O

"I liked the case study - it was very interesting."
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