Organisational Fraud Avoidance Methods Training : Effective Forensic Accounting Course

Employee fraud is a significant problem faced by organizations of all types, sizes, locations, and industries. According to the 2014 Report to the Nation on Occupational Fraud and Abuse research shows that the typical organization loses 5% of its annual revenue each year due to employee fraud. Prevention and detection are crucial to reducing this loss. Every organization should have a plan in place as preventing fraud is much easier than recovering your losses after a fraud has been committed

With key personnel attending this course, your organization will benefit in the following ways:

• Increased efficiency in fraud detection will result in increased revenue potential by avoiding the damaging after-effects of corporate fraud
• Improvement in crisis management by creating a resource pool equipped for fighting fraud in an emergency thus minimizing its negative repercussions.
• Improved procedures for fraud detection and prevention will lead to greater emphasis on quality accounting standards and overall business processes.
• Better-quality forensic auditing and accounting practices/standards will result in a boost of stakeholders’ confidence; especially investors in the case of corporations and the general public in the case of governmental bodies.
• Centralized process will also result in uniformity of fraud intelligence data which is generally gathered and analysed from various data points and business departments. Since the nature of fraud is continuously evolving, only an updated and centralized process can tackle the latest threats.
• Creation of an ethically viable long-term strategy and direction towards the accomplishment of organizational goals leading to long term sustainable growth.

Day One

Introduction to Forensic Accounting and Fraud Examination

• Fundamentals of accounting practices
• The essentials of forensic examination
• Responsibilities of accounting investigators and auditors
• The forensic accounting legal environment

Understanding Corporate Fraud

• Synopsis of white-collar crimes
• Overview of effective fraud investigation
• Types of corporate fraud
• Psychology of the fraudster profile
• The Fraud Triangle theory
• Implications of corporate fraud to internal and external stakeholders

Day Two

Examination of Financial Statements and Analytical Techniques

• Analysis of financial statements and audit reports
• Horizontal and vertical analysis
• Financial ratio analysis
• Anomaly detection to identify nonconformities

The Fraud Investigation and Engagement Processes

• Techniques for recognizing the symptoms of fraudulent behavior
• Review of the investigation process and case initiation
• Evidence collection techniques-
  • Gathering and Assessing Observational Evidence
  • Gathering and Assessing Financial Evidence
  • Gathering and Assessing Non-Financial Evidence

Day Three

Data compilation and analysis

• Importing and Analysing data utilizing MS Office tools
• Root cause analysis (RCA) of corporate fraud
• Understanding analysis of data based on Newcomb-Benford’s law
• Overview of Data-driven Fraud Analysis Techniques
• Evaluating the extent and scope of fraudulent practices

Reporting of Findings and Analysis

• Auditor responsibility and reporting standards
• Forensic audit report template
• Risk assessment and reporting
• Business Valuation and Damages reporting

Day Four

Fraud Prevention

• Examining the existing internal control environment
• Understanding the COSO Model (“Internal Control – Integrated Framework”)

• Control Environment
• Risk Assessment
• Control Activities
• Information and Communication
• Monitoring

• In depth review of COSO’s Fraud Risk Management Guide 2016.
• Learning the ‘Evaluate – Identify – Deter – Respond’ cycle of managing corporate fraud

Day Five

Deterring Corporate Fraud

• Identifying organizational tolerance to risk and improvement of internal controls
• Formulating a critical fraud response strategy
• Developing an anti-fraud program

Effective Functioning within an organizational framework

• Aligning objectives and expectations with key decision makers
• Effectively Communication of objectives to relevant personnel
• Cooperating with internal and external auditors
• Working alongside other legally trained departments such as compliance, legal and ethical committee