Fraud Auditing and Forensic Accounting
Course Overview
Everyday across the world, thousands of businesses are victimized by fraud. Who commits these bad acts? Why? And, how? In this course we are going to help you answer the questions: who commits fraud, why and how. We’ll also help you develop skills for catching them.
Every organization faces the risk of financial loss due to fraud, but maintaining an effective audit function can help mitigate that risk. Auditors, both external and internal, must have a thorough knowledge of fraud detection and prevention to effectively fulfill their mission.
Additionally, one of the best measures that any organization can take to mitigate the loss associated with fraud is to equip employees with the skills and techniques needed to detect and prevent it. Maintaining an in-depth knowledge of fraud and how it can be detected and prevented is essential to maintaining the financial integrity of any organization, large or small.
Course Objectives
- After completing this course, a participant will be able to:Explain the increasing importance of fighting fraud within the federal government, the functions a forensic audit serves, and the various roles the auditor must assume in conducting a forensic audit
- Explain the federal laws, auditing standards, and control techniques that are relevant to a forensic audit, and decide upon appropriate control measures to counteract fraud occurrences
- Explain common fraud schemes, and apply the best internal control measures to counteract the fraud risk
- Identify indicators for heightened fraud risk and assess risks present through internal control deficiencies
- Apply various evidence-gathering techniques used to detect fraud
- Describe the job of a forensic auditor in legal and court involvement
Course Outline
Introduction to Forensic Auditing
- Building Background
- Key Terms Defined
- When Does an Audit Become a Forensic Audit?
- Functions of a Forensic Audit
- The Evolution of Forensic Auditing
- Forensic Auditor: The Investigator
- Forensic Auditor: The Analyst
- Legal Roles of the Forensic Auditor
- The Fraud Triangle
- The Three Types of Fraud
- The Nature of Fraud
- Challenges to Detecting Fraud
- Attributes of Most Frauds
- Profile of a Fraudster
- The U.S. Government Environment
- Fraud and Terrorism
- Scope of Fraud Losses, Government Improper Payments, and Fraud Enablers
Federal Laws, Internal Controls, and Audit Standards Relating to Fraud
- Building Background
- Key Legislation to Combat Fraud, Waste, and Mismanagement
- Generally Accepted Government Auditing Standards (GAGAS)US Government Accountability Office (GAO) 2011
- Other Audit Guidance
- Other Organizations
- Internal Controls and Fraud
Understanding Fraud Schemes
- Building Background
- Common Fraud Schemes, Symptoms, and Detection Methods
Assessing Fraud Risks and Planning for the Fraud Audit
- Building Background
- The Fraud Detection Model
- Step One: Audit Planning/Risk Assessment
Forensic Approaches to Data Collection and Analysis
- Building Background
- Step Two: Forensic Audit Fieldwork and Testing
- Step Three: Writing Reports
Legal and Court Involvement
- Building Background
- Job of the Forensic Auditor
- Data Matching
- Legal Compliance
- Reports to Management
- Legal Counsel
- Civil Trial
- Criminal Trial
- Preparation of Curriculum Vitae
- Testifying Expert vs. Consultant
- The Discovery Process
- Deposition
- The Trial
- Avoiding Mistakes Other Experts Have Made
- Alternative Solutions to the Trial
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