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Management Concepts

Forensic Auditing: Detection and Prevention of Fraud

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Next dates

Jun 5—7
3 days
Washington, District of Columbia, United States
USD 889
USD 296 per day
Aug 7—9
3 days
Washington, District of Columbia, United States
USD 889
USD 296 per day
Oct 28—30
3 days
Washington, District of Columbia, United States
USD 889
USD 296 per day
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Every organization faces the risk of financial loss due to fraud, but maintaining an effective audit function can help reduce that risk. Auditors will expand their knowledge of fraud detection and prevention to effectively perform their duties. Through a traditional classroom setting, you will be challenged to enhance your skills at detecting fraud to maintain your organization’s integrity—and your own.

Learning Objectives

  • Explain the increasing importance of fighting fraud within the Federal Government, the functions a forensic audit serves, and the various roles the auditor must assume in conducting a forensic audit
  • Explain the Federal laws, auditing standards, and control techniques that are relevant to a forensic audit, and decide upon appropriate control measures to counteract fraud occurrences
  • Explain common fraud schemes, and apply the best internal control measures to counteract the fraud risk
  • Identify indicators for heightened fraud risk and assess risks present through internal control deficiencies
  • Apply various evidence-gathering techniques used to detect fraud
  • Describe the job of a forensic auditor in legal and court involvement

Course Topics

Introduction to Forensic Auditing

  • Building Background
  • Key Terms Defined
  • When Does an Audit Become a Forensic Audit?
  • Functions of a Forensic Audit
  • The Evolution of Forensic Auditing
  • Forensic Auditor: The Investigator
  • Forensic Auditor: The Analyst
  • Legal Roles of the Forensic Auditor
  • The Fraud Triangle
  • The Three Types of Fraud
  • The Nature of Fraud
  • Challenges to Detecting Fraud
  • Attributes of Most Frauds
  • Profile of a Fraudster
  • The U.S. Government Environment
  • Fraud and Terrorism
  • Scope of Fraud Losses, Government Improper Payments, and Fraud Enablers

Federal Laws, Internal Controls, and Audit Standards Relating to Fraud

  • Building Background
  • Key Legislation to Combat Fraud, Waste, and Mismanagement
  • Generally Accepted Government Auditing Standards (GAGAS)US Government Accountability Office (GAO) 2011
  • Other Audit Guidance
  • Other Organizations
  • Internal Controls and Fraud

Understanding Fraud Schemes

  • Building Background
  • Common Fraud Schemes, Symptoms, and Detection Methods

Assessing Fraud Risks and Planning for the Fraud Audit

  • Building Background
  • The Fraud Detection Model
  • Step One: Audit Planning/Risk Assessment

Forensic Approaches to Data Collection and Analysis

  • Building Background
  • Step Two: Forensic Audit Fieldwork and Testing
  • Step Three: Writing Reports

Legal and Court Involvement

  • Building Background
  • Job of the Forensic Auditor
  • Data Matching
  • Legal Compliance
  • Reports to Management
  • Legal Counsel
  • Civil Trial
  • Criminal Trial
  • Preparation of Curriculum Vitae
  • Testifying Expert vs. Consultant
  • The Discovery Process
  • Deposition
  • The Trial
  • Avoiding Mistakes Other Experts Have Made
  • Alternative Solutions to the Trial

Who should attend

This course is designed for auditors at any level of government as well as program managers and financial managers responsible for eliminating waste, fraud, and abuse in Federal programs.

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