Fraud is one of the biggest risks that many organizations face. The risk of fraud is a very determinative risk which must be dealt with by the management when it arises within an organisation.
The greatest efforts fall both on the Internal Control Systems, which must deal with fraud deterrence, and the Internal Audit, which must possess specialized knowledge on fraud issues and the usage of specialized techniques for investigation.
The senior management of a Company has the duty to assess the various potential fraud risks and then establish preventive controls in all risky areas setting the Tone at the Top.
Beyond the very simple definition of risk – the potential for loss – the definition of the word varies widely depending on the industry. But no matter what the business or industry, it comes down to, how a company can identify and seize opportunities without jeopardizing the organisation’s ability to thrive?
There is a lot of talk about bringing together risk and fraud practices. But regardless of how an organisation handles these issues today or in the future, there is much to consider.
During this seminar, the latest information and happenings on timely risk and fraud topics will be explored.
During the seminar, all participants will attain information on numerous fraud schemes, understand how to assess the fraud risk, consider how to recognize “red flags”, look at how to investigate and write the fraud audit report using practical and real-life examples (Fraud Cases).
Participants will learn how to adopt a more critical sceptical mind-set to their engagements, particularly during audit planning and the evaluation of audit evidence.
Following the seminar participants will approach fraud risks with a more sceptical attitude and questioning mind.
- Definition of Fraud
- The role and responsibility of the Internal Auditor according to the Standards for the Professional Practice of Internal Audit
- Tools for the fraud risk assessment
- Types of Fraud
- Characteristics of the perpetrator
- Common myths about Fraud
- Fraud indicators
- Common fraud schemes (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
- 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 cases and controls for prevention
- Presentation and analysis of a real Fraud Audit Report
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 feedback 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.
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.