The focus of this course is reducing the overall risk of fraud. To that end, instruction will cover the factors that play a role in turning honest employees into fraudsters. Discussion will touch on integrity and ethics, as well as how the reactions of people in certain situations may impact the prevalence of fraud.
Learning Objectives
- Recognize the prevalence of fraud
- Understand the ways an organization may unintentionally cause fraud
- Identify the costs of fraud
- Comprehend how the new COSO framework for internal control focuses on fraud
- Grasp the importance of an internal control environment
- Recognize potential signs of fraudulent behavior
- Understand how people may respond differently to certain factors
- See that there are many layers involved in fraud defense
- Anticipate a new environment ripe for fraudulent claims and reports
Major Topics
- The price of fraud – ACFE’s Report to the Nations and ancillary costs
- The current economy – microeconomics and analysis
- COSO internal control framework, particularly Principle 1 (integrity/ethics) and Principle 8 (fraud risk assessments)
- Power of morale – shrinking the fraud triangle and employee motivation
- Deviant workplace behavior
- Historic schemes
- Why good folks go bad – interesting findings and red flags
- Combating fraud with controls
- Controls used by fraud victim organizations and suggestions for better implementation
- Corporate social, environmental, governance, and equity/inclusion reports and audits
