Fraud Evaluation Tools for the Internal Auditor: 2-Day In-Person Seminar

By: Lynn Fountain, CGMA, CRMA - Independent Risk, Audit, Accounting, Executive Professional and Training Advisor
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Course Description:

The topic of fraud — whether it relates to awareness and prevention techniques, fraud auditing, recent frauds in corporate America, or the criminal mind — continue to be on the radar of investors, shareholders, and regulators. Although a recent fraud survey by Kroll Advisory found that the proportion of companies that suffered an incident declined from 75% last year to 61% in the current survey, it is acknowledged that fraud is anything but defeated. In addition, with ongoing technological advances in IT infrastructure, new and emerging fraud methods are continually being identified.

This course will provide a practitioner’s viewpoint to understanding and working with corporate fraud issues. It will illustrate real life concepts that can be applied in an organization wanting to solidify their anti-fraud programs. It will review concepts that will be outlined within a new book sponsored by the Institute of Internal Auditors Research Foundation and authored by seminar instructor, Lynn Fountain.

Learning Objectives:

  • The International Professional Practice Framework and the auditor’s responsibility towards fraud
  • Fraud and its connection to the control environment and COSO 2013
  • The internal auditor’s dilemma when investigating internal fraud
  • Internal audit processes for conducting a fraud risk assessment for the company
  • Methods for including fraud analysis and evaluation within each audit
  • Evaluation vs. investigation – how to know when the table turns
  • COSO 2013 – the critical component of monitoring activities related to fraud
  • Reporting procedures for an effective fraud program
  • Assessing a company’s fraud risk culture
  • Performing a macro vs. a micro fraud risk assessment
  • Utilizing the maturity model approach in conducting an assessment
  • Prioritizing and executing risk assessment output

Who Will Benefit :

  • Internal and external audit professionals
  • Accounting and audit practitioners
  • CFOs /senior financial management
  • Compliance and ethics managers
  • Security personnel
  • CEOs
  • Internal control professionals
  • Loss prevention and risk specialists
  • Fraud examiners
  • Internal investigators
  • Operational risk managers
  • Business managers/ controllers

Topic Background:

Auditors are not expected to have the specialty expertise of forensic investigators, but they should have adequate knowledge of the aspects of fraud and maintain a skeptical mind when it comes to reviewing potential violations. Like internal controls, the economy, and business strategy, fraud continues to evolve and auditors must stay abreast of its root causes and suggested mitigation and investigation techniques. Whether you are part of a large internal audit group or a small internal audit group, it is important for all audit professionals to understand processes that could involve fraud.

Course Outline

Day One (8:30 AM – 4:30 PM)
Registration Process: 8:30 AM – 9:00 AM
Session Start Time: 9:00 AM
  • Understanding white collar crime and how it has accelerated in today’s economy.
  • Understanding the Internal Professional Practices Framework and the internal auditor’s responsibility in fraud evaluations
  • Examination and evaluation of the American Institute Certified Public Accounts and the Association of Certified Fraud Examiners position on fraud evaluations
  • Why is it critical to understand a company’s culture and control environment when evaluating fraud issues
  • Challenges when investigating internal fraud
  • Examining how your company manages and handles internal fraud issues
  • Should internal auditors be responsible for fraud detection
  • Management’s responsibility for monitoring fraud
  • Understanding the fraud triangle and the fraud diamond in today’s economic environment
  • How internal auditors can add to the control environment by including fraud evaluations in every audit
  • The concept of fraud evaluation vs. fraud investigation
  • Important concepts to discuss with your legal counsel
  • Setting up the fraud investigation framework
  • Communication techniques and requirements
  • Understanding COSO 2013’s position on fraud evaluations
  • What to do when management says “no” to fraud evaluations
  • Ethics and fraud - how to manage issues
  • The reality of trying to examine fraud internally
  • What happens when companies don’t pursue fraud evaluations
  • Fraud awareness tactics
  • The new age fraudster
Day Two (8:30 AM – 4:30 PM)
  • Assessing a company’s fraud risk culture to prepare for a fraud risk assessment
  • Understanding the various types of fraud risks assessments to employ
  • Concepts involved in a macro fraud risk assessment
  • Documentation requirements for a macro fraud risk assessment
  • Gaining management support and buy-in for a macro fraud risk assessment
  • Methods for facilitating a macro fraud risk assessment
  • Evaluating and prioritizing output from your macro fraud risk assessment
  • Concepts involved in a micro fraud risk assessment
  • Documentation requirements for a micro fraud risk assessment
  • Gaining management support and buy-in for a micro fraud risk assessment
  • Methods for facilitating a micro fraud risk assessment
  • Evaluating and prioritizing output from your micro fraud risk assessment
  • Examining scenario analysis when performing a fraud risk assessment
  • Documentation requirements for scenario analysis
  • Gaining management support and buy-in for scenario analysis
  • Methods for facilitating a scenario analysis
  • Evaluating and prioritizing output from a scenario analysis
  • Understanding aspects of the maturity model approach for conducting fraud assessments
  • Understanding and identifying important attributes to include within the maturity model approach
  • Establishing the appropriate definitions and framework to execute a maturity model assessment
  • Gaining management buy-in and support for a maturity model assessment
  • Establishing up-front processes for a maturity model assessment
  • Methods for facilitating and executing a maturity assessment
  • Pros/cons and challenges with methods of assessment
  • Evaluating and prioritizing maturity model assessment output

Meet Your Instructor

Lynn Fountain
CGMA, CRMA - Independent Risk, Audit, Accounting, Executive Professional and Training Advisor

Lynn Fountain has over 30 years of experience in the business profession, which includes public and industry accounting, and over 20 years within internal and external auditing combined. Ms. Fountain holds CGMA and CRMA certifications as well as a certificate in Certified Public Accountancy. She is a nationally recognized trainer and speaker and also a published author. She is a subject matter expert and specializes in internal audit, Sarbanes-Oxley, enterprise risk management, fraud, governance and compliance. Ms. Fountain has held two chief audit executive positions for international companies. She has also been instrumental in establishing ERM, Sarbanes-Oxley and governance frameworks, and has executed and assisted in multiple internal fraud investigations.

Ms. Fountain has developed and delivered leading edge training sessions on the new COSO framework and has assisted companies in identifying risk gap analysis in their individual processes. She currently executes two highly recognized e-workshops for the Institute of Internal Auditors, one on fraud and the second on ethics. Both workshops have incorporated aspects of COSO 2013. In addition, she has performed as an adjunct instructor for the School of Business for Grantham University and the School of Business at the University of Kansas.

Ms. Fountain’s book on fraud, sponsored by the IIA Research Foundation, is expected to be a strong tool for companies looking to solidify their anti-fraud program. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas.

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