Forensic Accounting and Auditing Course

The primary objective of this course “Forensic Auditing and Accounting” is to empower the investigator or the overseer with:

• Fundamentals of accounting practices and financial statement analysis.
• An overview of the forensic accounting legal environment
• An understanding of the forensic accountant’s responsibility, forensic accounting, and fraud examination
• In-depth study of the procedures in fraud detection including:
  • Methodologies to identify and categorize fraudulent practices
  • Various approaches to the collection of evidence
  • Fraud investigation procedures
  • Reporting, and the recovery procedure following legal prosecution
• Business Valuation Strategies
• Knowledge to plan and strategize viable frameworks and procedures for fraud detection and prevention
• The essential expertise and to become a more effective and efficient forensic auditing and accounting investigator/overseer.

Who should Attend?

• Directors, Board Members, Chief Financial Officers, and other members constituting the top management of an organization – to thoroughly understand critical aspects of Corporate fraud, Forensic Auditing and Accounting.
• Auditors and Financial professionals responsible for ensuring transparency and integrity of processes and accounting records.
• Bookkeepers and Accountants who are in charge of maintaining the books of account and day to day financial transactions pursuing promotion
• Shareholders and investors who are part of or want to be part of a firm’s delivery and function
• Legal professionals responsible for and involved in preparing contracts and other legal notices and agreements to this effect.
• Risk managers and consultants providing services in forensic auditing and accounting domain

Course Outline

The Forensic Auditing and Accounting course will comprise of the topics mentioned hereunder that are crucial aspects of Forensic Auditing and Accounting:

Module 1 – 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

Module 2 – 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

Module 3– Examination of Financial Statements and Analytical Techniques

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

Module 4 – The Fraud Investigation and Engagement Processes

• Techniques for recognizing the symptoms of fraudulent behaviour
• 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

Module 5 – Data compilation and analysis

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

Module 6 – Reporting of Findings and Analysis

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

Module 7- 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 – Identity – Deter – Respond’ cycle of managing corporate fraud

Module 8- Deterring Corporate Fraud

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

Module 9 – 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 committees.