Fraud Prevention

Service Description

The course objectives: • To explain the various schemes used by employees, managers, directors, & organised criminals to defraud organisations. • To quantify the losses from these schemes and scams. • To illustrate the human factors in fraud. • To equip fraud examiners, auditors and accountants with proven techniques in fraud prevention and detection so that they will be able to better manage these challenges in everyday business. Course Content: DAY-1 An overview of fraud • The nature of fraud • Critical thinking skills • Why fraud happens – the Fraud Triangle • Responsibilities of Fraud Prevention & Detection • How occupational fraud affects your organization • Current fraud / crime statistics in SA • Profile of a fraudster and criminology theories • Money Laundering The Triple Threat – Fraud, Cybersecurity and E&C The ACFE’s Report to The Nations 2024 Corruption • Conflicts of interest • Bribery (kickbacks and bid rigging) • Illegal gratuities • Economic extortion Asset Misappropriation (includes case studies) • Cash Theft Schemes • Billing Schemes • Payroll Schemes • Expense Reimbursement Schemes • Cheque Fraud (document fraud) Fraudulent Financial Statements • Asset/revenue over-statements & understatements • Some major financial statement fraud case studies • How auditors can assess the risk of fraud in financial reporting Computer fraud & cybersecurity _________________________________________________________________ DAY-2 How to audit for fraud: The 8-step Fraud Auditing Process as per ISA 240, starting with professional scepticism and including triangulation, the fraud triangle and the fraud exposure rectangle. Reducing Your Organisation’s Fraud Risk: the 10-fraud risk management building blocks (fraud prevention & detection) based on the ACFE’s Fraud Prevention Check-up: 1. Tone at the Top 2. Value system (code of ethics) 3. Accountability 4. Fraud Hotline 5. Recruitment 6. Policies 7. Training & Awareness 8. Fraud resistant Controls 9. Data Analytics / Use of Technology 10. Fraud / Ethics Risk assessments Case studies – The Good, The Bad and The Ugly

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