Make better business decisions
Be a better investor

When the story falls apart, it falls apart fast. Time and time again, we see that the warning signs were always there. And yet, somehow, the market responds with great surprise when the reality of underlying business challenges and deteriorating fundamentals eventually surface.

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.

The objective of our training is to help you make better business and investment decisions. We use real-life examples and walk participants through actual financial statements to teach you how to proactively identify warning signs in the accounting and assess their potential impact on reported results and shareholders.

Participants benefit from our experience in identifying blow-ups often long before they occur.


Staying Vigilant
in 2021: 

Lessons from COVID-19 Accounting Distortions and Past Blowups
(Wirecard and Carillion)

With Anthony Scilipoti
and Dimitry Khmelnitsky

Our latest course embodies the Veritas Credo:

 Companies do not fail because of accounting manipulation.
But when a management team uses accounting maneuvers, it is usually because the underlying operations are not sustainable. 

Not since WWII has there been an exogenous force that has wreaked such havoc on the global economy. Government support stimuli have cushioned the decline, but the longer the economy takes to grow into the stock market’s valuation, the more apt a management team will be to use accounting techniques to ensure that stakeholders do not become impatient. The next two or three quarters will be key.

In this training, you will learn how to apply our forensic analysis framework to uncover companies that are:

• Inflating Cash Flows and Earnings
• Managing Loan Loss Provisions
• Boosting Same-Store Sales
• Avoiding Interest Expenses
• Covering Up Bad Debt

We also explore the blow-ups of Carillion and Wirecard.

Contact Sales for more details about our latest course or to customize a course for you

Contact Sales

Existing Veritas clients should also contact Sales for their options.


All Veritas training courses meet mandatory professional development requirements for CPA and CFA designations.


Training subsidies may also be available to certain groups.

More customized and group training options

We have 11 more training modules. Each module varies from 1.0 to 4.0 hours.

1. Reading Financial Statements like a Forensic Accountant
2. Avoiding the Bombs
3. Revenue Recognition: Where All the Cooking Starts
4. Secrets of Free Cash Flow
5. Acquisition Accounting: Explosive Growth or Ticking Time Bomb?
6. Understanding Stock Option Accounting
7. Identifying Inflection Points
8. Understanding Complex Tax Structures
9. Understanding & Using Non-GAAP Metrics
10. New Accounting Standards: IFRS 9, 15 & 16 - An Investor’s Approach
11. Reading Financial Statements like a Forensic Accountant Part 2: Reading Between the Numbers

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.

Training Testimonials

100% of participants have told us they would take another Veritas course. 

Here is what they said:

"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."

"Great information to have when speaking to management."




Dimitry Khmelnitsky

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.

Anthony Scilipoti

FCPA, FCA, CPA (Illinois)
President & CEO

Anthony and his partners founded Veritas Investment Research in 2000. He is a Fellow Chartered Public Accountant, a Fellow Chartered Accountant, a Certified Public Accountant (Illinois) and a member of the Association of Certified Fraud Examiners. He is a licenced portfolio manager. Anthony also serves as a member of the Ontario Securities Commission's Continuous Disclosure Advisory Committee since 2006. In 2019, Anthony was appointed to the Board of the Capital Markets Advisory Committee of the International Accounting Standards Board. He is a former member of the Canadian Accounting Standards Board, the CICA's Emerging Issues Committee, and was the Chair of CPA Canada's Users Advisory Committee.Anthony began teaching in 1997 as a part-time accounting instructor at York University's Schulich School of Business in the MBA and BBA Programs. He was nominated for the Teaching Excellence Award in 1997 and 2003. Several of Anthony's cases have been published in Cases in Financial Accounting: A Principles Based Approach, First Edition, 2006.