Fraud Prevention, Detection and Auditing

Occupational fraud is a multi-trillion-dollar business for perpetrators when you assume the estimated typical organization loses of 5-7% of annual revenue per the Report to the Nations on Occupational Fraud and Abuse as published by the Association of Certified Fraud Examiners (ACFE) since 1996. In response, regulators and standard setters are increasing their focus on the prevention and detection of fraud and boardroom accountability. This is evidenced through enforcement actions of the SEC and stronger audit standards.

Workplace fraud through asset misappropriation, corruption and deceptive financial reporting continues to plague all types of organizations and industries. While all companies combat fraud to some degree, the effort often falls short for a variety of reasons. This seminar explores common reasons for failure; and more importantly, discuss solutions through anti-fraud controls and a healthy tone-at-the-top. Attendees will take away a series of ideas on how to strengthen their control environment, as well as leading audit techniques.

In this session, we also take a deep look at the most recent Report to the Nations on Occupational Fraud and Abuse as published by the ACFE. Topics include:

Fraud prevalence
Legal elements of fraud
How fraud is committed
- Asset misappropriation
- Corruption
- Financial reporting
Elements of an anti-fraud policy
Descriptions of common fraud schemes
Anti-fraud controls for consideration
- Preventive
- Detective
Establishing and updating codes of conduct
Implementing a whistle-blowing hotline program
Corporate compliance & ethics programs
Roles of the board, management, human resources, and internal audit

How occupational fraud is committed
Costs to victim organizations
Fraud perpetrators
Red flag scenarios
Challenges for auditors, ethics & compliance professionals
Scenarios to address in fighting fraud

Session objectives:

Understand what fraud looks like and how to prevent and detect it
Explore how fraud is committed and by whom
Review fraud examples
Learn important anti-fraud controls
Understand what it takes to implement an effective corporate compliance program

We also cover some case studies to facilitate a discussion about what steps to take when fraud is suspected in an organization. The case studies raise awareness of the environments in which financial reporting fraud might flourish and proper engagement of audit committees, financial executives, and internal and external auditors to mitigate the risks of fraud.