Course Details


Course Name: Fraud Prevention
CPD hours: 3
Type: Online
Price: $179 $143


Description:
Regardless of the service level we provide for our clients, they and the public believe that one of our responsibilities as CPAs is fraud detection. Most fraud is committed by desperate individuals who go out of their way to cover their tracks, yet fraud is largely preventable and can be more readily detected when less conventional approaches are applied.

This course explores fraud from the perspective of those who commit it, what motivates them and how internal controls can be designed to address the motivation. In addition, we'll address the signs of fraud and means by which the risk of fraud—particularly fraudulent misstatement of financial information—can be more narrowly identified to develop more focused control activities and audit procedures.


Topics:
Introduction
Who will Benefit from this Seminar?
Fraud is a Growth Industry
Preventing Fraud and Auditing for Fraud
Definition of Fraud?
1. The Impact of Fraud
The Impact of Fraud
Consequences of Fraud
Types of Fraud
Theft of Assets
Corruption
Cyber Theft
Financial Statement Manipulation
How much is Stolen?
Act Now
Problem
Who Commits Fraud?
Most Likely to Commit Fraud
Fraudulent Financial Reporting Survey: 1987 - 1997
Reason for Committing Fraud
Nature of Fraud
Trends to Consider
Some Causes
Jim Daydrim's Nightmare - Introduction
Jim Daydrim's Nightmare
1. Emotions of Key Players
2. Consequences
3. Who is Responsible?
2. The Auditors Responsibility
Auditing Standard 240
Audit Objectives for Fraud - 240.10
Fraud - From Watchdog to Detective?
The 39 Auditor Shalls in Auditing Standard 240
The Starting Point
Professional Skepticism
Professional Skepticism - 240.12-14
Fraud Risk Factors
Assessing Fraud Risk
Assess Fraud Risk at Two Levels - 240.25
Performing RAPS
Risk Assessment Procedures - 240.17
Risk Assessment Procedures - 240.18-21
Documenting Fraud Risks at F/S Level
Audit Documentation
Question
Response
Question
Next Steps for Auditors?
3. How to Identify Fraud Risks?
Start by Checking Your Attitude!
Treadway Report 1987
Management Override
Management Override - 240.31-33
Presumed Fraud Risks 240.26-27
Risk Assessment Procedures - 240.22-24
Fireman's Heat Triangle
Fraud Triangle 1
Fraud Triangle 2
Opportunities
Developing Scenarios
Fraud Scenarios - Manipulating F/S
Fraud Scenarios - Asset Misappropriation
Pressure
Fraud Scenarios - Pressures to Commit Fraud
Rationalization
Fraud Scenario - Rationalizations
Fraud Warning Signs
Books by Frank W. Abagnale
Entity Specific Business Risks
Team Discussions - 240.15-16
Audit Team Discussions
The Ideal Team Planning Meeting
Team Planning Meeting - Questions
4. How to Respond to Fraud Risks?
Appropriate Procedures
Deposition, Pt 1 - Related Parties Introduction
Deposition, Pt 1 - Related Parties
Mary's Response to Undisclosed Transactions Found
Controls Over Related Parties - Small Entities
Question
Response
Fraud Prevention
Fraud Risk Management
Step 1 - Commitment
Commitment from the Top
Aim to Prevent Frauds from Occurring
COSO Fraud Guide
Step 2 - Regularly Identify/Assess Fraud Risks?
Are there Fraud Warning Signs?
Any Evidence of Collusion?
Is there a Trusted Employee?
How are People Managed?
Step 3 - Design/Implement Responses to Fraud Risks
Fraud Prevention that Works 1
Fraud Prevention that Works 2
Is there a Whistle Blowing Policy?
Anti Fraud Controls
Avoiding Cyber Crime
Detecting Cyber Crime
Step 5 - Inspection/Audit Procedures
Who Detects Fraud?
Use of Inspection/Audit Procedures in Detecting Fraud
Unpredictable Audit Procedures
Why Unpredictable Audit Procedures
Responses to Assessed RMM - 240.28-30
Question
Unrecorded Revenues?
5. Drawing Conclusion
Step 4 - Monitor Control Effectiveness and Remediate
What Audit Documentation SHALL Include
Evaluation of Audit Evidence - 240.34-37
Implications - 240.37-38
Continual Improvement
Deposition, Pt 2 - Addressing Fraud Risk 1
Deposition, Pt 2 - Addressing Fraud Risk 2
Other SHALL Requirements
Deposition, Pt 3 - Going Concern 1
Deposition, Pt 3 - Going Concern 2
How to Identify and Address Fraud
Remember






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