This Forensic Auditing training course is designed for those who need to learn about one of the most significant and fastest growing businesses – fraud. This largely invisible and poorly understood risk cost the world economy more than 4 trillion dollars last year (according to the Association of Certified Fraud Examiners)
Using case studies and the wide experience of the trainer, this training course will focus on how to develop an effective process to detect fraud. This Coventry Academy training course will demonstrate the tools and techniques of fraud discovery including the use of big data and data analytics.
This training course will feature:
How to identify the profiles of the different fraudsters
The anatomy of fraud and how to detect it
The 50 main fraud indicators
The power of data analytics
How to use powerful but relatively unknown tools such as Benford’s law and Markov chains
What are the goals?
By the end of this training course, participants will be able to:
Think like a fraudster – the only way to detect complex frauds
Understand the techniques of data mining as a fraud detection tool
Appreciate the key aspects of fraud profiling
Use continuous auditing and continuous monitoring to uncover unusual patterns
Understand when it seems ‘too good to be true’ it usually will be
Who is this training course for?
Professionals who need to build a more in depth understanding of fraud detection techniques
This Coventry Academy training course is suitable to a wide range of professionals but will greatly benefit:
Internal auditors in organisations without a dedicated fraud team, as they are having to take a much more significant role in the detection and investigation of fraud
Audit Managers and Lead Auditors who need to learn about the most modern approaches to fraud detection
Fraud specialists who need more appreciation of how to detect fraud
Certified Fraud Examiners
Accountants who need an understanding of forensics
Managers needing a broader understanding of how to prevent and detect fraud
How will this training course be presented?
This dynamic Coventry Academy training course will utilise a variety of proven learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes various exercises and case studies to provide practical application of the tools and techniques. A series of valuable tools and templates will be provided in electronic format – to take away and use immediately.
Course Outline
Day One: Anatomy of Fraud
The power of Fraud Profiling
Who are the fraudsters – internal and external
ACFE fraud survey results
Identity fraud
Corruption – the most difficult fraud to detect
15 case studies and the key lessons
Day Two: The Key Fraud Indicators
Why controls may not protect you
Putting yourself in the mind of the fraudster
The 50 key indicators – and how to use them
Developing a forensic audit toolkit
The need for a cost-effective balance between prevention and detection
Identifying vulnerabilities
Day Three: Data Mining – The Key Forensic Tool
Use of Computer assisted audit techniques (CAAT’s)
Data mining techniques
Fraud risk prioritisation
Benford’s law
Use on Monte Carlo simulations and Markov chains
Forensic auditing of big data
Day Four: Forensic Techniques
Automated fraud detection
The control weakness and the key fields approaches
The association rules in fraud detection
Use of fuzzy logic
Neural networks
Data visualisation and pattern recognition
Day Five: Using the Information Identified
What to do when potential fraud is detected
The legal aspects of use of forensic data
Using external and internal databases
Integrating the information/ identifiers in audits – to avoid bringing attention
Reporting the results
When to inform external bodies
The certificate
Coventry Academy Certificate of Attendance will be provided to delegates who attend and complete the course