Introduction to Forensic Auditing
Course Info
Code PF1-128
Duration 5 Days
Format Classroom
Course Summary
Forensic auditing is a specialised type of accounting that investigates a variety of activities including fraud, embezzlement, and other financial crimes. Forensic accountants conduct forensic audits, examinations, and assess fraud risks. They can identify if fraud has been committed, the factors leading to it, and what assets to recover.
This course provides you with an overview of forensic auditing and focuses specifically on fraud, including fraud indicators, data analysis, and forensic techniques to identify fraud.
- Understand the motivations and actions of fraudsters.
- Identify the key components of fraud profiling.
- Employ fraud indicators, prioritise risks, and leverage data mining as a detection tool.
- Exercise a variety of techniques to identify fraud.
- Use continual auditing and monitoring to uncover anomalies.
- Internal Auditors
- Audit Managers and Lead Auditors
- Fraud Specialists
- Certified Fraud Examiners
- Forensic Accountants
- Managers requiring an understanding of fraud detection and prevention
- Anyone looking to learn more about fraud detection techniques
This course uses a variety of adult learning styles to aid full understanding and comprehension.
Participants will review case studies to highlight key areas of importance and possible areas for faults.
They will be supplied with the best tools required to carry out learning exercises to improve their skills. Participants will analyse the examples to gain a thorough understanding of how these skills, techniques and methods apply in the workplace.
Course Content & Outline
- Describe the role of fraud profiles in developing a fraud risk assessment.
- Identify internal and external fraudsters.
- Examine the Global Fraud Survey results from the Association of Certified Fraud Examiners (ACFE).
- Outline the mechanisms and consequences of identity fraud.
- Discuss the difficulty of detecting corruption.
- Review case studies and key takeaways.
- Discuss the potential failures of fraud controls.
- Explore the mindset of a fraudster.
- Identify and explore common fraud indicators.
- Develop a set of forensic audit tools and techniques.
- Examine how to balance the cost-effectiveness of prevention and detection.
- Identify vulnerabilities in your organisation.
- Describe data mining strategies.
- Determine how to prioritise fraud risks.
- Analyse financial records using Benford’s Law.
- Review Computer Assisted Audit Techniques (CAATs).
- Apply Monte Carlo simulations and Markov chains to model probabilities.
- Describe the effects of big data on forensic auditing.
- Describe how automated fraud detection systems work.
- Examine control weakness and identify mitigation strategies.
- Discuss the use of association rules in detecting fraud.
- Outline the use of fuzzy logic to fraud detection.
- Explore the use of artificial neural networks to predict fraud.
- Describe the use of data visualisations and pattern recognition in fraud detection.
- Describe how to address potential fraud when it's detected.
- Examine the legal considerations of using forensic data.
- Discuss the use of internal and external databases.
- Describe how to skillfully incorporate information and identifiers into audits.
- Outline the reporting mechanism.
- Identify when and how to notify external organisations.
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