Corruption and fraud have eaten deep into the fabrics of many nations’ Economy, both in the public and private sectors. The corruption and fraud culture has negatively affected the economic growth and the operational performance of these organizations. The “financial tsunami” of 2008 was partly attributed to fraudulent financial practices by some financial institutions in “Wall Street”. Madoff and Satyam were among the prime alleged companies notably involved in major financial frauds beginning in 2008. It was not until recently that the world is recovering from the effect of the resulting colossal financial losses. After this experience, it became obvious that corruption and fraud had to be more thoroughly checked.
The report to the nation by the Association of Certified Fraud Examiners (ACFE) in 2008 estimated the annual cost of fraud at almost one trillion U.S dollars, not including greater loses arising from employee job loss, wealth evaporation and investments that were wiped out. Development has been seriously impaired in most African countries because of the high level of corruption particularly by politicians and highly placed public servants. The United States and the developed european countries have indicated strongly that substantial reduction in corruption is a pre-condition for appreciable economic growth by African countries.
The Prime Minister of Britain, Mr. Cameron publicly described in May 2016 Nigeria and Afghanistan as “fantastically corrupt”. This comment was made preceding the summit hosted by Britain in the United Kingdom, to deter corruption globally, and which included Nigeria’s President, Mohamadu Buhari. Although Cameron was criticized for being “politically incorrect”, there were merits in his assertion. Incidentally, Buhari is currently waging a war against corruption in Nigeria which is the foremost goal in his administration. He is also known to be leading the crusade against corruption in the African Union. The result of his fight and his crusade will be ascertained during his tenure. Most Nigerians are hopeful that the outcome will be positive. Already he is making efforts to block leakages in petroleum and other government revenues.
Since July 2002, the U.S Department of Justice has obtained over 1,300 fraud convictions. Some corporate executives in the U.S are still in jail and are paying their debt to society in other ways. The success and effectiveness of the fight against corruption in Nigeria will establish Buhari’s legacy and establish the country as purposeful in becoming well governed determined to achieve major economic growth.
The course in “Forensic Accounting and Fraud Prevention” is imperative for employees of all organizations, both public and private. It is also timely as it aligns with the “fight against corruption of the Present Government of Nigeria”. It will expose the employees to the need to be the custodians of the organization’s assets. The mind-set of the employees will also be changed and bring about the most desirable culture in any society. The course is a must for all employees.
The course content will include but not limited to the following
- Core foundations related to fraud examination and financial forensics.
- Financial forensic professional’s skill set.
- Basics of fraud and fraud triangle
- The mind-set: critical thinking and professional skeptics.
- Fraud risk factors and “red flags”
- The problem of internet
- Hypothesis evidence matrix
- Methodologies used in fraud and financial forensic engagement
- Team work and leadership
- Fraud prevention, deterrence, detection and investigation
- Remediation: criminal and civil litigation and internet control
- Careers in fraud examination and financial forensics
- Legal regulatory and the professional examination
- Complex frauds and financial crimes
- Cybercrime, computer and internet fraud
- Detection and investigative tools and techniques
- Investigations: who, what, where, when, how and why.
- Bank, credit card, and investment statements Investigation
- Surveillance and covert operations
- Data mining, pattern recognition and other digital tools
- Locating hidden assets and unknown sources of income
- Concealed offshore financial accounts, transactions and loan
- Indirect methods of income reconstruction
- Interview and interrogation process.
- Financial statement fraud
- Legal and economic framework for Damages.
- Forensic science and information technology.
- Information security.
- Employee vendor and other frauds against an organisation.
- Tax fraud.
- Organized crime and the investigation of terrorism.
- Financial accounting tools and techniques.
- Business valuation fraud.
- Forensic auditing and investigation.
- An overview of the auditing process.
- Bankruptcy, divorce and identity theft.
On completion of the workshop, the participants should:
- Understand what Forensic Accounting is all about.
- Be knowledgeable of the careers in fraud examination and Forensic Accounting.
- Understand the core foundation of Forensic Accounting and Auditing.
- Be knowledgeable about Fraud Prevention, deterrence and detection techniques.
- Be exposed to cybercrime and internet fraud.
- Understand the legal framework surrounding Forensic Accounting and its related fields.
- Be capable of conducting Forensic Accounting and Auditing assignment.
- Be capable of conducting surveillance and convert operations.
- Understand the security aspect of forensic accounting.
- Be familiar with organized crime and the investigation of terrorism.
- Be capable of investigating Tax Fraud.
- Be capable of conducting Business Valuation and more.
- Accountants, Bankers, Auditors, Tax Investigators, Supervisors, and Managers
- Business Owners, Lawyers, Persons in Charge of Company Assets, Inventories Account Receivable, Police Officers and more.