NEW COURSES AVAILABLE
Flammable Items
and
Ethics in Accounting: The Thin Line
2025 Editions
With Instructor
Dimitry Khmelnitsky, CPA, CA
Vice President, Partner
Head of Accounting & Special Situations
Veritas 2025
Advanced Accounting Training Module:
Flammable Items
We have a saying at Veritas: The details don't matter until they matter.
And when they matter, they matter a lot.
Over the past quarter century, we've seen too many cases where the market ignored the details only to regret it later. The warning signs are always there, but the stock's ascent often covers any concerns until it's too late.
Although it is difficult to identify the spark that will light the flammable items, we know that as the economy gets longer in the tooth and the markets continue to levitate, identifying the flammable items is the secret to capital preservation.
This is more than just an accounting course—it's a strategic toolkit for uncovering financial insights and mitigating risk.
Agenda
Time commitment: About 2.5 hours
Through real-world examples and a forensic lens, this course illuminates the hidden risks and opportunities within complex accounting practices.
• Understanding the forensic analytical framework;
• Manipulating Leverage and Enterprise Value metrics;
• EBITDA/earnings pitfalls;
• Related party transaction risks;
• Accounting estimates and assumptions changes;
• Non-controlling interest;
• Cash flow games;
• IFRS vs. US GAAP pitfalls;
• Predicting dividend cuts;
• Normalizing cross-company comparability;
• Other risks: management comp; delayed filings/auditor change, risk factors in MD&A.
Companies Discussed
• Advanced Auto Parts (NYSE: AAP)
• Alphabet Inc. (NASDAQ: GOOG)
• BCE Inc. (NYSE, TSX: BCE)
• Brookfield Corporation (NYSE, TSX: BN)
• Brookfield Renewable Corporation (TSX: BEP)
• Canadian Natural Resources (NYSE, TSX: CNQ)
• Chemours Company (NYSE: CC)
• CI Financial (TSX: CIX)
• Cogeco Communications Inc. (TSX: CCA)
• Dream Office (TSX: D.un)
• Dun & Bradstreet (NYSE: DNB)
• Emera Incorporated (TSX: EMA)
• Empire Company Limited (TSX: EMP.a)
• Fairfax Financial (TSX: FFH)
• George Weston (TSX: WN)
• GFL Limited (NYSE, TSX: GFL)
• Icahn Enterprises (NASDAQ: IEP)
• Lightspeed Commerce Inc. (TSX: LSPD)
• Loblaw (TSX: L)
• MEG Energy (TSX: MEG)
• Microsoft Corporation (NYSE: MSFT)
• Nortel Networks
• NVIDIA Corporation (NASDAQ: NVDA)
• Quebecor Inc. (TSX: QBR.b)
• Rogers Communications Inc. (NYSE: RCI, TSX: RCI.b)
• Suncor Energy (NYSE, TSX: SU)
• Super Micro Computer (NASDAQ: SMCI)
• Telus Corporation (NYSE: TU, TSX: T)
• Veren Inc. (TSX: VRN)
• Vermillion Energy Inc. (NYSE, TSX: VET)
Group Rates
Please contact sales for group rates and customized private training.
Veritas Clients
Current Veritas clients may contact us directly to receive access.
Veritas 2025
Advanced Accounting Training Module:
Ethics in Accounting:
The Thin Line
In today's increasingly complex business landscape, the difference between illegal fraud and aggressive-yet-legal accounting is not as clear-cut as many might think.
At their core, both involve exploiting loopholes and grey areas in accounting, undermining the fundamental intent of regulatory standards.
It's also not just one or two bad actors that pull it off. Everyone, including management, auditors, lawyers, bankers, and boards, plays a role in this process.
This course is tailored specifically for CPAs, CFAs, financial professionals, and investors. It equips you with the necessary tools to identify ethical conflicts in accounting and financial reporting as they relate to protecting your investment.
Time commitment: About 2 hours
Highlights
• Investigating the motivations behind corporate misconduct.
• Understanding the role and limitations of auditors.
• Noteworthy trends in audit quality and the financial statement areas most impacted.
• Common threads among high-profile board failures.
• Recognizing warning signs in management's responses to scrutiny.
• Sell-side biases.
Case Studies
We will review case studies where questionable ethical decisions obscured risks and resulted in significant investment losses. Case studies include:
• Enron: The critical governance weaknesses at Enron continue to be alarmingly relevant for today's investors.
• Super Micro Computer, Inc.: Observable red flags in their 10-K disclosures, corporate governance, and auditing practices.
• Wirecard AG: Allegations from the Financial Times and whistleblowers that were ignored, along with deficient management rebuttals and lessons learned from KPMG's expert report.
• The Carillion Collapse: Poorly disclosed supply chain financing, management incentives, and both GAAP and non-GAAP performance metrics that obscured the company's true financial health and ultimately led to its destruction.
By the end of this course, you will have developed a forensic mindset and an analytical lens that enable you to decode management communications, bringing to light the underlying truths behind financial disclosures and accounting practices.
Instructor
Dimitry Khmelnitsky
CPA, CA
Vice President
Head of Accounting & Special Situations
Dimitry is Head of the Accounting & Special Situations Group, focusing on organizations that pose a financial risk. He is also Head of Training, helping our clients and their analysts on analyzing complex accounting issues. Dimitry was the #3 ranked Special Situations analyst for Canadian stocks in 2020, as voted on by Canadian, U.S. and European investors, according to Brendan Wood International. He was #1 ranked in 2019 and #3 in 2018.
Prior to joining Veritas in 2006, Dimitry was at Ernst & Young in their assurance practice. Dimitry is a Chartered Professional Accountant and holds a BBA from York University's Schulich School of Business. He has been a part-time accounting instructor in the Program where he taught Financial Accounting. Dimitry has also been involved in CPA Canada's professional development program, where he taught the CPA Canada In-depth GAAP course, dealing with complex accounting topics.
Why Take Veritas Training?
The objective of our training is to help you make better business and investment decisions. Participants benefit from our experience in identifying blow-ups often long before they occur.
Who Is Our Training For?
Over the past twenty years, we have trained regulators, portfolio managers, enforcement officers, business professionals, bank lending professionals, legal professionals, investment advisors, accountants, university students and individual investors.
Accreditation
All Veritas training courses meet mandatory professional development requirements for CPA and CFA designations.
Certificates for professional continuing education credits can be obtained upon request.
Subsidies
Training subsidies may also be available to certain groups that supports and develops highly skilled personnel. Contact us to find out more.
Training Testimonials
100% of participants have told us they would take another Veritas course.
"I love their passion and how they dig into the details."
"Anthony and Dimitry are very engaging and they make accounting interesting!"
"Become an expert in finding out the bombs."
"A great tool for what to look out for."
"It helps study certain aspects of financial history that are sure to repeat themselves."
"I now feel more comfortable screening for, recognizing and calling out red flags."
"Good for key takeaways you can apply to your investment process without being too time-consuming."
More customized and group training options
We can tailor courses for groups and organizations. We can discuss specific sectors or companies of interest, and adapt our curriculum around your organization’s specific investment or business needs.
Other modules that we've delivered to clients in the past (not available for replay):
1. Reading Financial Statements like a Forensic Accountant
2. Avoiding the Bombs
3. Acquisition Accounting: Explosive Growth or Ticking Time Bomb?
4. Understanding Stock Option Accounting
5. Understanding & Using Non-GAAP Metrics
Each module varies from 1.0 to 4.0 hours