OBJECTIVE
- Understand and explain how a fraud could take place
- Understand the motivating factors for an individual to commit fraud
- Understand and describe the various schemes in fraud
- Understand how fraud can take place in various business processes
- Understand and apply effective fraud prevention programme in your organization
- Design key control activities and policies to detect and prevent a specific fraud scheme in a business process
- Develop a fraud risk register to systematically reduce fraud risk using risk-based approach
COURSE OUTLINE
1. Introduction to Fraud
- The Definition of Fraud
- How Fraud Could Take Place
- The Fraud Triangle and its Implications
- Who is a Fraudster?
- How Fraud can Affect Your Organization
2. The Various Fraud Schemes
- Corruption
- Misappropriation of Assets
- Financial Statement Fraud
- Accounts Receivable Fraud
- Illustrations and Samples
- Video Presentation
3. How to Get Away With Fraud?
- How Fraud Conversion Takes Place
- Why Fraud Concealment is Important to Hide Fraud Conversion
- The Common Techniques in Fraud Concealment
- The Connection Between Fraud Concealment and Fraud Conversion
- An Illustration on How a Fraud Conversion Took Place and Was Concealed to Avoid Detection
4. Fraud Prevention and Detection
- The Difference Between Fraud Detection and Prevention
- How Control Activities and Policies can Reduce Fraud Incidences
- Definition of Internal Controls
- Good and Effective Internal Controls
- How to Design Internal Controls to Detect and Prevent a Specific Fraud
5. Control Environment
- The Importance of Good Control Environment
- The Five Components in COSO
- Other Important Factors You Should Consider in Mitigating Fraud
6. Fraud Prevention Programme
- Developing a Fraud Prevention Programme
- The Essentials of a Fraud Prevention Programme
- Who Owns and Responsible for Fraud?
7. Fraud Risk Register
- What Makes a Good Fraud Risk Register
- The Seven Steps in Developing a Fraud Risk Register
- Prepare a Fraud Risk Register for an Identified Fraud Risk
PARTICIPANT
- Practitioners who work in the areas of compliance, risk management, anti-money laundering and anti-corruption
- Other professionals who wish to become aware of these issues which might impact directly or indirectly upon their organizations
- Consultants who wish to work in an advisory capacity and who wish to obtain a detailed knowledge of the types of issues faced by organizations
METHOD
- Presentation
- Discussion
- Case study
