FR-105 CONDUCTING FRAUD RISK ASSESSMENTS SUCCESSFULLY

FR-105 CONDUCTING FRAUD RISK ASSESSMENTS SUCCESSFULLY

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. No two organizations are the same and specific fraud risks and exposures are unique to each organization. To know the fraud risks your organization may susceptible to, a Fraud Risk Assessment must be conducted. Understanding how to properly identify and assess fraud risk helps an organization develop and implement an effective fraud program that reduces the potential financial, reputational, and organizational risks associated with fraud.

 

This course will help individuals learn the skills necessary to drive, implement, and execute an effective Fraud Risk Assessment as part of an overall Fraud Risk Program using lecture, case studies, best practices, and exercises.

LEARNING OBJECTIVES:

  • Learn how to conduct a Fraud Risk Assessment
  • Understand basic fraud concepts – fraud triangle, fraud tree
  • Learn to identify and assess risks
  • Identify best practices in Fraud Risk Assessment
  • Learning to utilize appropriate frameworks for assessing fraud risks
  • Use of commonly used framework, scorecards, and reporting templates

 

COURSE OUTLINE

Principles for Managing Fraud Risk in an Organization

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

Fraud Risk Assessment Basics

  • Why conduct a Fraud Risk Assessment?
  • Fraud Risk as part of an overall Enterprise Risk Management (ERM) program
  • Potential obstacles and pitfalls for Fraud Risk Assessments
  • Best practices in Fraud Risk Assessment
  • Internal Audit’s role

Fraud Basics

  • The Fraud Triangle
  • ACFE 2018 Report to the Nations
  • Fraudsters—characteristics and behaviors

Fraud Schemes and Scenarios

  • Corruption
  • Financial statement
  • Asset misappropriation

Conducting a Fraud Risk Assessment

  • Approaches
  • Frameworks—documenting, categorizing, and weighing risks
  • Identifying and assessing risks
  • Using Fraud Risk/Detection scorecards

Other Risks

  • Reputational risk | Regulatory risk | Legal misconduct

Prevention Programs

  • Control activities
  • Human Resources
  • Anti-fraud training
  • Assessing Fraud Prevention programs

Detection Programs

  • Detective controls
  • Continuous auditing and monitoring
  • Hotlines
  • Fraud investigations

Examples of Templates and Documentation

Duration

CPE

Delivery

Field

Level

Who Should Attend

 

Prerequisites

Advanced Preparation

2 Days

16

Group-Live

Auditing

Intermediate

Internal auditor staff and management; financial and operational management and staff

Professionals with at least 2 years of experience

None