Companies that fall victim to fraud schemes need to reassess internal controls in order to prevent future fraudulent activity. In this course, we will review the 18 most prevalent internal controls present as well as designed and operating effectively according to the Association of Certified Fraud Examiners’ Occupational Fraud 2022: A Report to the Nations. Then we will tie these controls to the 17 internal control principles offered by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), the framework used by virtually all entities and auditors to assess the design and operational effectiveness of internal controls. Lastly, we will consider the impact of the 2020 pandemic on the internal control environment in the post-COVID pandemic era.
Learning Objectives
- Understand that fraud occurs in companies with seemingly sound internal control structures
- Assess how internal controls fit into the COSO framework and determine whether mitigating controls are sufficient
- Understand the difference between reactions and responses to changing circumstances
- Recognize that the days of working in an office may be numbered (or certainly reduced)
- Recognize that the increase of remote work options presents new, sometimes shocking challenges
- Understand that audits and other attestation engagements can actually be performed remotely, reducing time and cost
Major Topics
- ACFE's Occupational Fraud 2022: A Report to the Nations and the most commonly found controls in fraud victim organizations
- Internal controls in relation to COSO principles
- How to employ controls to cut losses
- How to modify controls in the post-COVID era
- Remote work circumstances and considerations
