Fraud Risk/Controls Auditing

Overview

Develop your capabilities to assist management in their fight against fraud. Participants will learn how to build a tailored approach for improving Internal Audit capabilities in assessing Fraud Risks and evaluating Fraud Controls. Throughout the course good practice methods and techniques will be discussed and applied to real-life cases and situations.

The course includes guidance on:

• Auditing Fraud Risk Governance (including an introduction on Fraud Risk Essentials)
• Auditing Fraud risk preventive and detective control activities
• Auditor involvement in the Fraud Incident Response and Investigation

Each topic will cover references to good practice frameworks, typical risks and how these can be controlled, and auditing tips and tricks. Fraud risks, controls and audit testing techniques for a selection of typical high risk business and support processes will be discussed and explained on the basis of real-life situations.

Target Audience

Audit directors, managers and senior staff with three or more years of practical auditing experience who want to strengthen their ability to improve the organisation’s Fraud Risk Management processes and apply fraud control procedures in their audit assignments.

Course Objectices

• Understand core Fraud Risk Management concepts from the Internal Audit perspective. 
• Examine the opportunity for Internal Audit to play a key role in Fraud Risk Governance.
• Learn how fraud is found and how to increase the probability of detecting fraud.
• Explore fraud risks in the procure-to-pay and order-to-cash cycle and in typical high-risk areas such as expense reimbursement, credits and refunds, and overstatement of work performed.

Course Content

• Concepts such as the Fraud triangle, ACFE’s fraud scheme classification tree, the COSO Fraud Risk Management (FRM) principles and applicable IIA guidance material.
• Tools and techniques to assess the maturity of an organization’s Fraud Risk Governance system, to assess applicable fraud risks and to prevent and detect such risks
• Audit procedures to detect fraud in procurement, financial statements, warehouse management and other high risk processes