Forensic Accounting - Fraud Detection for Audits

Recent business failures around the world have caused many organisations to analyse the value of the audit, with many demanding that auditors take more responsibility for fraud detection.

Forensic accounting requires the integration of investigative, accounting and auditing skills to assist in disputes involving financial issues and data within any organisation.

This 2 day course will help you understand how financial fraud occurs and what to do when you identify or suspect it within your organisation during an audit.

You will be taken through scenarios and practical exercises to develop your skills in identifying fraud.

You will learn how to detect weaknesses and take the necessary action to improve prevention through new types of forensic accounting techniques used to support and verify existing systems.

 

Key Learning Objectives

  • Obtain an insight into how to prevent fraud
  • Develop practical solutions to detect fraud
  • Prepare a business case for fraud audit to senior management
  • Gain an insight into forensic accounting
  • Review fraud risks/common risks

 

Course Outline

  • The fraud triangle
  • The nature of fraud
  • Who commits fraud why fraud is commited
  • Fraudulent schemes
  • Global best practice in the prevention of fraud

 

Keys to effective fraud detection in the accounting system and financial performance

  • Reviewing fraud risk analysis and common risk areas:
  • Cash
  • Accounts payable and accounts receivable
  • Insurance cover
  • Identity related fraud
  • Securities and investment
  • Procurement fraud
  • Fraud detection model
  • Identifying red flags
  • Detecting fraud using financial analysis

 

Money laundering 

  • Money laundering methods
  • Anti-Money Laundering and Countering Financing of Terrorism Act 2009
  • The role of cash vs other payment methods
  • Requirements and recommendations of the Financial Action
  • Task Force (FATF)
  • Processes in monitoring money laundering transactions and reporting

 

Legal issues

  • Evidence gathering structure
  • Statutory law, the laws of evidence and procedure

 

Ethics and corporate governance

  • Responsibilities of board of directors, management and auditors in preventing fraud
  • Responsibilities in detecting fraud
  • Fraud risk strategies/policies/processes
  • Ethical governance and organisations

 

Use of technology

  • The role of IT security in preventing fraud
  • Using data analytics to detecting fraud
  • PCI DSS

 

Computer forensics

  • Investigating fraud
  • How computer forensics can be of benefit
  • Use of IT systems to perpetrate fraud

 

Bribery and corruption

  • International legislation and experience
 
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