Fraud Awareness & Internal Control
Course Length: 2 Days
Frauds hits quarter of companies on the average across industries. It is of paramount importance that Company need to educate its staffs in understanding why and how fraud occur so as to ensure preventive action for sustainable continuity of the organization.
Such initiatives through training will serve as deterrence for the prevention of fraud taking place which jeopardize internal & external stakeholders interest.
Participants will go thru case study, exercises, questions and answers for the purpose of applying effective internal controls and fraud deduction methods into the business functional flows.
- Understanding types of frauds and this include fraudulent financial reporting & misappropriation of assets.
- Understanding the conditions for fraud & the risks factors of fraudulent financial reporting.
- Learning to assess the risk of fraud through professional skepticism.
- Understanding of Corporate Governance oversight to reduce fraud risks
- Learning how to response to the risk of frauds
- Understanding the specific fraud risk areas
- Learning how to response when fraud is suspected
Managers Finance & non-finance staffs involved in designing and maintaining effective internal controls.
- Types of fraud
- Fraudulent financial reporting
- Misappropriation of assets
- Motivation factors for committing frauds
- Fraudulent financial reporting statistics
- Conditions for Fraud
- Incentives/ Pressures
- Attitudes/ Rationalization
- Risk factors for misappropriation of assets
- Assessing the risk of fraud
- Professional scepticism
- Sources of information about frauds risks
- Documenting fraud assessment
- Corporate governance oversight to reduce fraud risks
- Creation of culture
- Code of Conduct element
- Responding to the risk of fraud
- Change the overall conduct of the check
- Design & perform procedure to address identified risks
- Design & perform procedures to address management override of controls
- Specific fraud risk areas
- Revenue & Accounts Receivable fraud risks
- Inventory fraud risks
- Purchases and account payables fraud risks
- Payroll expenses
- Response when fraud is suspected
- Types of inquiry techniques
- Types of verbal & non-verbal cues
- Case study of fraud cases
- Background of the fraud and the motivating factor
- The underlying root causes for not detecting the fraud earlier
- Ethic Lesson learnt from the case study and the clarify of the right way forward
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