Fraud remains a serious and costly problem for entities of all sizes in any sector. High-profile cases such as Enron and WorldCom have made the world aware of the devastating impact of fraud. Fraud is a common risk that cannot be ignored and tolerated. Unfortunately, fraud risk only increases, fueled by rapid technological change, competitive markets, and periods of economic difficulty. The need for a robust internal control framework, providing a common language, and clear direction and guidance, has become vital for every organization. This course is designed to help you develop an effective internal control system. The course not only explains the theoretical concept of the internal control system but also provides you with the practical guidance you need to assume a role in the design, implementation, maintenance, and evaluation of a comprehensive framework of internal controls for your organization. It addresses the fundamentals of the COSO Framework and discusses audit requirements for internal control over financial reporting. This course is also designed to enhance your abilities to recognize fraudulent activities and develop strategies to deter misconduct. It identifies common types of fraud, fraud red flags and indicators, and the statistical profile of a fraudster. It explains the conditions that can lead to fraudulent activity, and fraud preventive and detective techniques, along with recent cases of corporate fraud. Finally, this course contains essential tools based on guidance from the PCAOB, AICPA, ACFE, and COSO Framework to help you design and implement effective fraud-related internal controls.
Learning Objectives
Upon successful completion of this course, participants will be able to:
• Identify the functions and limitations of internal control
• Recognize the COSO Framework's principles of effective internal control
• Identify some common and important control procedures
• Distinguish between the IT general controls and application controls
• Recognize the implication and significance of the Sarbanes-Oxley Act
• Recognize key procedures involved in identifying risks and controls
• Identify key considerations for identifying and evaluating control deficiencies
• Recognize the requirements of management documentation of controls
• Identify factors in assessing the maturity level of a company's internal control structure
• Identify the audit objectives, scope, and procedures applied to the integrated audit
• Recognize fraud considerations in a financial statement audit
• Identify the most common schemes and fraud symptoms
• Recognize techniques to prevent and detect fraud
Major Topics
Internal Controls Fundamentals
Management Assessment of Internal Controls
Comprehensive Examination of Financial Statements
Fraud Management Strategy
Financial Reporting Controls and Information Systems Checklist-Medium to Large Business
Sample Audit Programs for Financial Statement Accounts
Fraud Risk Factors Relating to Misstatements
Computer Applications Checklist-Medium to Large Business
