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Frauditing - Internal Controls to Prevent and Detect Corporate Fraud

Frauditing - Internal Controls to Prevent and Detect Corporate Fraud

"Internal controls and forensic techniques to prevent and detect organizational 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. Fraud consumes an estimated 5% of corporate revenues.


How can the auditor, investigator, accountant, financial analyst, attorney or business owner deal with fraud? By understanding fraud, the perpetrators, and the breakdowns in internal control you can develop a program to detect and prevent it.


We will examine in this CPE seminar 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.


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


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

  • Details on Event Presentation

    Being offered twice a quarter on Thursdays at 10:00 a.m. to 2:30 p.m. Central Time.  There will be a lunch break from 12:00 noon to 12:30 p.m.

    We can schedule private events on your timetable for two or more attendees.

  • 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 Issues 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

  • NASBA Program Disclosure

    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

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