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"Frauditing" Internal Controls for Fraud Prevention and Detection

Being offered twice a quarter on Mondays at 10:00 a.m. to 2:30 p.m. Central Time.

"How to prevent and detect corporate fraud!!"

Under COSO 2013, Principle 8: "The organization considers the potential for fraud in assessing risks to the achievement of objectives".

Corporate fraud is more prevalent today than ever before. Layoffs, pressures, incentives, anonymity, computerization, and lack of privacy are all contributing factors. This CPE event is focused on presenting the internal controls to fraud prevention and detection.

Fraud consumes an estimated 5% of corporate revenues. How can the auditor, investigator, accountant, financial analyst, attorney or business owner deal with fraud prevention and detection? By understanding fraud prevention and detection, the fraud perpetrators, and the breakdowns in internal control you can develop a fraud management program to detect and prevent corporate fraud.

We will examine in this CPE event the many facets of corporate fraud: the schemes, the motives, the opportunities, the problems and the risks. We will "slice and dice" the frauds, and then we will examine how we can deter, detect and correct the underlying internal control problems.

The ACFE has found that the number one fraud prevention and detection tool is having an effective hotline.

This timely CPE event is designed for the CFO, Controller, CAO, internal control specialist, CFE, internal auditor and others who have to create an effective fraud prevention and detection program under COSO 2013.

This 4 CPE event is designed for the internal control, internal auditor and other professionals who wish to improve their internal control tradecraft skills.

The cost of this internal control  training course is $240.00 per attendee.

Each attendee will receive 4 CPEs Hours (YB). A certificate of completion will be provided.

Program Level of Understanding: Basic
Prerequisites: None
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Auditing, Business Ethics
CPE Credits: 4, based on 50 minutes of instruction per hour

CPE Event Highlights

The seminar reviews the following:

  • Major fraud risk categories

  • Best practices in conducting a fraud prevention and detection program

  • Understanding a fraud risk assessment

  • Value of a fraud prevention and detection program


Learning Objectives

Attendees will learn how to:

  • Understand how a fraud risk assessment is conducted

  • Learn how to identify fraud risks

  • Review best practices in fraud prevention and detection programs

  • Learn how to evaluate and document internal controls mitigating fraud risk


Key Items on the Agenda

Section 1 - Internal Control Frameworks of Fighting Fraud

  • Occupational fraud defined

  • Risk control balance

  • Controls for SOX compliance

  • What is COSO 2013?

  • What is COBIT?

  • AICPA SAS 99

Section 2 - Understanding the Fraud Perpetrators

  • Corporate psychopath

  • Fraud triangle

  • Fraud by entity

  • Fraud by industry

  • Fraud by occupation

  • Behavioral red flags

  • How is fraud discovered?

Section 3 - Fraud Classification

  • Asset Misappropriation

  • Corruption

  • Financial Statement

Section 4 - Financial Statement Fraud Schemes

  • Definition

  • How Can Fraud Happen?

  • Who is Responsible?

  • "Frauditing" testing

Section 5 - Preventing and Detecting Financial Statement Fraud

  • Prevention - Financial Statement Fraud

  • Detection - Financial Statement Analysis

  • Financial Ratio Analysis

  • Inspecting financial transactions

Section 6 - "Best Practice" Anti-Fraud Controls

  • Fraud Policy

  • Outsourced hotline

  • Anonymity

  • Communications flows

  • Codes of conduct - expectation setting

  • Segregation of duties

  • Internal audits - Physical security

  • Human resources policies

  • Effective entity level controls

  • Continuous monitoring

Section 7 - Software Tools and Techniques for fighting Fraud
Section 8 - Creating a Fraud Risk Assessment
Section 9 - "I found fraud and now what?"
Section 10 - Summary and Wrap-up