Internal Fraud Investigation for Auditors

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Detailed Overview/Outline

Seminar Focus and Features
In this timely three-day seminar you will learn how to conduct an internal fraud audit and get tips on providing management with fraud prevention strategies. You will focus on how to perform all the critical elements of the fraud investigation process, starting with the allegation and working through to courtroom preparation. You will build the skills you need to actually solve a fraud case, and find out how to design an internal control system that will prevent future control problems. Throughout the three-day session, class exercises will illustrate the lessons at hand and reinforce what you have learned. On the last day of the seminar, you will break into teams and conduct an employee fraud investigation that includes planning the investigation, performing tests, interviewing employees, analyzing actual documents, reaching the conclusion and reporting the results. Teams will work through the investigation process at their own pace, and benefit from instructor-provided feedback. You will leave this dynamic session with the know-how to conduct an effective fraud audit.

Prerequisite
None

Learning Level
Basic

Who Should Attend
External, Internal, Financial and Operational Auditors; Corporate Security and Investigators; Risk Management Personnel and line managers who need to gain an understanding of the growing risks of fraud.

What You Will Learn
1. Introduction to Fraud Detection

• frequency and cost of fraud to your organization
• characteristics of the fraudster
• what to do first when fraud is suspected
• common mistakes in fraud audits
• real-life examples of fraud and what we learned from them

2. Audit Strategies for Detecting Fraud

• how to incorporate fraud detection into your audit program
• specific audit steps designed to detect fraud
• using risk assessment to identify fraud indicators
• building audit steps around fraud schemes
• fraud concealment strategies and audit steps for uncovering them
• sampling approaches and fraud detection

3. Where Fraud Can Occur in Your Organization

• 15 mission-statement questions you should ask
• developing an annual fraud risk model
• how to develop meaningful fraud risk factors for your individual audit program

4. Conducting the Internal Fraud Investigation

• the investigation: step by step
• tailoring the basic investigation to your organization
• collecting and analyzing internal document
• key legal issues you may encounter in your investigation
• presenting your case to management

5. Conducting Interviews Within the Fraud Audit

• four successful interview approaches
• a proven, nine-step fraud interview methodology
• using kinetics to spot deception: interpreting body language
• interviewing do’s and don’ts
• who should conduct the interview

6. Writing Your Report So It Gets Read

• crucial sections to include in your fraud report
• do’s and don’ts of writing fraud comments
• when not to write a fraud report
• fraud report case studies: internal and criminal investigations

7. Implementing Internal Controls That Prevent Fraud

• essential company fraud prevention policies: conflict of interest, fraud hotline, vendor programs, entertainment policies
• how to build internal controls to prevent fraud
• elements of a fraud investigation policy

8. Using Computers to Detect Fraud

• back doors in business systems: portals for fraud
• 8 types of data analysis routines
• how to use data analysis to uncover fraud

9. Conducting a Forensic Investigation

• developing your case for court
• preparing your work papers for the court process
• how to quantify and document loss calculations
• legal considerations of reporting the findings
• effective ways of being a witness

10. High-Profile Frauds

• types of frauds committed by employees
• types of fraud committed by management
• embezzlement and theft frauds: real-world examples
• reasons for audit failures

Bonus: Your course materials will include a list of over 50 Web sites that are an invaluable resource for information on all aspects of fraud.

Sponsor Background:
MIS Training Institute was founded in 1978 for the express purpose of providing quality training exclusively for audit and information security professionals. A leader in the field of audit and security education, its seminar curriculum offers over 70 courses in the areas of Modern Internal Auditing, EDP Auditing, Data Base, Microcomputer, Systems, and Software, Data Communications, and Information Security. In its dedication to serving the audit and information security community, MIS also offers a variety of products and services which include special topical conferences, video training, publications, microcomputer software, and consultation.

Past Participants Include:
Some of the organizations represented at MIS seminars:

• Reynolds & Reynolds
• U.S. Department of Revenue
• NY City Board of Education
• University of Kentucky
• Sundstrand
• GPU Service Corporation
• First Tennessee Bank
• Crum & Forster
• Banco Popular de Puerto Rico
• Carrier
• Union Camp
• New Jersey Highway Authority
• Georgia Pacific
• E.I. DuPont
• Pacific Bell
• The Torrington Co.
• Volvo
• Dayton Hudson Department Stores
• Goodyear Tire & Rubber
• National Liberty
• Scott & White Memorial Hospital
• Tenneco
• Public Service Co. of Colorado
• First Interstate Bank of Oklahoma
• Signet Bank
• Warner Lambert
• City of Orlando
• Monsanto
• Towers Department Stores
• RJR Nabisco
• Shell Oil
• Tektronix
• Stroh Brewery Co.
• University of Minnesota

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