Fraud and corruption negatively impact most organisations in terms of financials, reputation and psychological.
There is no doubt that instances of fraud in all sectors show an increasing trend, particularly in key financial/operational areas such as procurement. As a threat to business, fraud must rank as one of the key risks to be managed.
Fraud encompasses a wide range of illicit practices and illegal acts involving intentional deception or misrepresentation. The Institute of Internal Auditors’ International Professional Practices Framework (IPPF) defines fraud as: “… any illegal act characterized by deceit, concealment, or violation of trust. These acts are not dependent upon the threat of violence or physical force. Frauds are perpetrated by parties and organisations to obtain money, property, or services; to avoid payment or loss of services; or to secure personal or business advantage.”
Corruption” is defined as being a dishonest activity in which a director, executive, manager, employee or contractor of an entity acts contrary to the interests of the entity and abuses his/her position of trust in order to achieve some personal gain or advantage for himself/herself or for another person or entity, e.g. false invoicing, material and deliberate misstatement of accounting information, secret commissions, collusive tendering, tax evasion, engaging in misleading and deceptive conduct.
All organisations are subject to fraud risks. Large frauds have led to the downfall of entire organisations, massive investment losses, significant legal costs, incarceration of key individuals, and erosion of confidence in capital markets. Publicized fraudulent behaviour by key executives has negatively impacted the reputations, brands, and images of many organisations around the globe.
During the seminar attendees will gain a good understanding of how to assess fraud and corruption risks and how to look for indications and “red flags” that might lead them directly to fraud cases. In addition, they will learn practical methods to investigate fraud and corruption cases, how to collect and secure the necessary audit evidence and the preparation of fraud audit report.
Attendees will also understand practical approaches to enhance the Internal Controls of their organisation in order to prevent fraud and corruption from happening. Furthermore, they will learn how a typical fraud audit report is prepared presenting real cases reports of fraud and corruption cases.
• Definition of fraud and corruption
• The role and responsibility of the Internal Auditor according to the Standards for the Professional Practice of Internal Auditing
• Tools for the fraud risk assessment
• Types of fraud
• Characteristics of the perpetrator
• Common myths about fraud
• Fraud indicators
• Common types of fraud (theft, misappropriation of assets, purchase and invoicing, payroll, expenses, inventory and other property, information theft, bribing, conflict of interest, financial statement fraud, money laundering)
• Senior Management fraud
• Electronic fraud
• Identification and investigation methods
• Planning the fraud investigation
• Fraud interviewing techniques
• Fraud audit report
• Fraud and internal control systems
• Policies and programs for the deterrence of fraud
• Strategy for the deterrence of fraud
• Fraud risks and controls for prevention
• Understanding corruption – who, why and how
• Cost of Corruption
• Common Schemes, Scenarios and Red Flags
• Government Contracts / Contacts
• Money Laundering
• Elements of an effective anti-corruption and compliance program – Policies / Controls / Training / Monitoring / Response
• Methods to prevent corruption (Tone at the Top, Risk Assessments, Control Activities, Monitoring)
• Analysis of real fraud and corruption cases and presentation of a real fraud/corruption audit reports
The programme is designed to deliver knowledge and enhance participants’ skills via short lectures, case-studies, practical examples, real-life simulations.
Participants will also benefit from customised feedback at the end of the programme and take away the knowledge gained to be transferred to their workplace. Most of the training time will be invested in analysing a real-life case study that will help participants understand how to solve problems in similar occasions.
This programme may be approved for up to 14 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
Professionals requiring CPD units to meet the education requirements for CySEC licence renewal, and/or for maintaining other professional memberships/certifications which accept CPD in Financial Regulation, are advised to consider training subjects in categories that indicate CPD training in Financial Regulation.
Who Should Attend
• All officers and staff working in Internal Audit Units at all levels (inspectors, internal auditors)
• Officers working in Compliance Units
• External auditors
• Audit Committee members
• Security professionals
• Risk Management analysts
• Line Managers and generally officers that are experienced to Internal Control Systems.
• Past President of the Greek Institute of Internal Auditors (IIA Greece) for the period 2003-2008,
• Graduate of the Athens Economic University in Economic Science and holds an MBA in Banking,
• Internal Audit consultant while he has over 30 years’ experience in external auditing, internal auditing in the banking sector and as Internal Audit Manager in various subsidiaries of Greek Banking Groups,
• Has obtained significant further training in Internal Control Systems, Internal Audit and Risk Management and international best practices in auditing in Greece and abroad,
• Certified Internal Auditor (CIA),
• Certified Financial Services Auditor (CFSA),
• Certification in Control Self-Assessment (CCSA),
• Certified Fraud Examiner (CFE),
• Accredited Valuator of the Audit Activity by the International Institute of Internal Auditors (The IIA) a field where he is very actively involved. He is member of the External Quality Evaluators of Internal Audit Units of Eurozone’s Central Banks,
• He has participated in a large number of international and domestic seminars, conferences and events as an instructor and as a representative of the Greek Institute of Internal Auditors. He has extensive training experience in internal audit topics and serves for many years as exclusive trainer of the Greek Banking Association,
• Currently he is a Board Member of the Greek Institute of internal Auditors,
• Past member of the Audit Committee of the Greek Ministry of Economics.