Insights from Sam Bankman-Fried and FTX Cryptocurrency Fraud

I. Introduction

• Brief overview of the training session and its objectives
• Explanation of the Sam Friedman and FTX case and its relevance to the topic of accounting failures in detecting fraud  

II. Background of Sam Friedman and FTX

•  Brief history of Sam Friedman and his background as a trader
• Overview of FTX, its founders, and its business model
• Explanation of FTX's rise in the cryptocurrency market and its financial success 

III. Accounting Failures in Detecting Fraud 

• Definition of fraud and the different types of fraud in accounting
• Explanation of the role of accounting in detecting and preventing fraud
• Discussion of common accounting failures in detecting fraud, such as lack of independence, inadequate training, and ineffective internal controls 

IV. The Sam Friedman and FTX Case 

• Detailed overview of the fraud committed by Sam Friedman and FTX, including the methods used to deceive investors
• Explanation of the accounting failures that allowed the fraud to go undetected, such as inadequate audits and lack of due diligence 
• Discussion of the consequences of the fraud on FTX's investors, employees, and the wider cryptocurrency market

V. Lessons Learned and Best Practices  

• Overview of the lessons learned from the Sam Friedman and FTX case, including the importance of due diligence, effective internal controls, and the need for a robust auditing process
• Explanation of best practices for detecting and preventing fraud, such as maintaining independence, conducting thorough audits, and implementing effective internal controls
• Discussion of the role of CPAs in detecting and preventing fraud and the importance of ethical conduct and professional standards  

VI. Conclusion and Q&A 

• Summary of the key points covered in the training session 
• Opportunity for attendees to ask questions and discuss any issues or concerns related to accounting failures in detecting fraud