FR-102 FRAUD AWARENESS AND TRAINING FOR EXECUTIVES

FR-102 FRAUD AWARENESS AND TRAINING FOR EXECUTIVES

DESCRIPTION

All organizations are subject to fraud risk. Association of Certified Fraud Examiners (ACFE) studies show that an average of 5% of revenue is lost to internal fraud schemes within an organization. Creating fraud awareness and understanding how to properly identify and assess potential fraud risk helps an organization develop effective fraud programs that reduce the potential financial, reputational, and organizational risks associated with fraud. The ability of an organization to prevent and detect fraud begins with fraud awareness—how it occurs, the characteristics of fraudsters, and what to do when fraud is suspected.

 

This course will help busy executives gain the basic knowledge necessary to understand potential fraud risks and oversee fraud programs in their organization. The course uses case studies and illustrates current best practices.

LEARNING OBJECTIVES:

  • Understand fraud fundamentals – fraud triangle, fraud tree
  • Understanding the characteristics of fraudsters
  • Gaining knowledge of fraud prevention and detection programs
  • Understanding the importance of ethics, compliance and Tone at the Top
  • Learning how to identify the red flags of fraud
  • Understand the value of a Fraud Risk Assessment

 

COURSE OUTLINE

Why Fraud Awareness Is Necessary for Every Organization

  • ACFE 2018 Report to the Nations
  • Case studies and examples

Principles for Managing Fraud Risk in an Organization

  • Governance
  • Fraud Risk Assessment
  • Prevention
  • Detection
  • Reporting

Fraud Awareness Core Requirements

  • Hotlines
  • Ethics training
  • Code of conduct
  • Tone at the Top
  • Internal Audit’s role

Fraud Basics

  • The Fraud Triangle
  • Fraud statistics
  • Fraudsters—characteristics and behaviors
  • Recognizing red flags for fraud
  • The Fraud Tree – Corruption | Financial statement fraud | Misappropriation of assets

Identifying Fraud

  • Red flags common to various fraud schemes
  • Identifying red flags during audits and reviews
  • Analyzing red flags for actual fraud
  • Fraud auditing vs. controls auditing

Fraud Risk Assessments

  • Conducting Fraud Risk Assessments
  • Fraud risk exposure list
  • Reputational risk

Fraud Investigation Overview

  • Roles and responsibilities
  • Planning and conducting an investigation
  • Obtaining and analyzing information
  • Forensics
  • Useful resources for investigations

Examples of Templates and Documentation

Duration

CPE

Delivery

Field

Level

Who Should Attend

Prerequisites

Advanced Preparation

1 Day

8

Group-Live

Specialized Knowledge

Advanced

Executive Management, Senior Managers and Board Members

2 years of experience

None