Study Guide - Fraud Prevention and Internal Control

The study guide is provided to guide you through the course material in a step by step format.

Course material is Executive Roadmap to Fraud Prevention and Internal Control .  The cost of the text and free shipping is included in the price.

Prerequisite: None

Course level: Basic

Advanced preparation: None

Teaching method: Text and exam

 

Forwards and Preface

The learning objectives for this lesson are to gain an understanding of:

  • The authors' backgrounds
  • Why the book was written

1) Fraud’s Feeding Frenzy: Overview of Recent Corporate Scandals.

The learning objectives for this lesson are to gain an understanding of:

  • What is a "feeding frenzy" of corporate fraud
  • Recent corporate fraud scandals
  • "Chutzpah defense"

2) Fraud Theory and Prevention.

The learning objectives for this lesson are to gain an understanding of:

  • What is fraud
  • Why people commit fraud
  • Can fraud be prevented?
  • Understanding the importance of fraud prevention

3) The Path to Greater Corporate Compliance, Accountability, and Ethical Conduct: COSO to Sarbanes-Oxley.

The learning objectives for this lesson are to gain an understanding of:

  • Recent history of fraud compliance initiatives
  • Culture of compliance
  • SAS 82
  • Sarbanes-Oxley
  • Auditor independence
  • Civil and criminal penalties

4) The Path to Greater Corporate Compliance, Accountability, and Ethical Conduct: SAS 99 to the 2010 Amendments to the Federal Sentencing Guidelines for Organizations.

The learning objectives for this lesson are to gain an understanding of:

  • SAS 99
  • Fraud risk
  • Obtaining, identifying and assessing fraud risk
  • Evaluating audit evidence
  • Principles of Federal prosecution of business organizations
  • Section 404 of Sarbanes-Oxley
  • Enhanced sentencing guidelines

5) Internal Controls and Antifraud Programs.

The learning objectives for this lesson are to gain an understanding of:

  • Role of the compliance officer
  • Creating a culture of honesty
  • Evaluating antifraud processes and controls
  • Developing an oversight process
  • ACFE fraud prevention check-up
  • Fraud risk assessment process

6) Financial Statement Fraud.

The learning objectives for this lesson are to gain an understanding of:

  • Why do they take the risk?
  • The perception of detection
  • Is Sarbanes-Oxley working?
  • Red flags of financial statement fraud

7) Internal Fraud: Protecting a Company.

The learning objectives for this lesson are to gain an understanding of:

  • Fraudulent disbursements and asset misappropriation
  • False billing schemes
  • Payroll schemes
  • Bribes and kickbacks

8) Former Fraudster and New Man. 

The learning objectives for this lesson are to gain an understanding of:

  • Perspective of a fraudster

9) External Fraud Schemes: The Rest of the Fraud Story.

The learning objectives for this lesson are to gain an understanding of:

  • Classic fraud schemes
  • Credit card fraud
  • Online fraud

10) Not Too Big to Fail

The learning objectives for this lesson are to gain an understanding of:

  • The multiple causes of the financial crash of 2008
  • Overview of several of the large financial failures in the period such as
    • AIG
    • Lehman Brothers
    • Bear Sterns
    • Merrill Lynch

11) Designing a Robust Fraud Prevention Program.

The learning objectives for this lesson are to gain an understanding of:

  • Technology solutions
  • Base a fraud prevention program in internal audit
  • Role of human resources
  • Investigative plan
  • Recovery of defrauded assets from fraudsters

12) Whistle-Blowers and Hotlines.

The learning objectives for this lesson are to gain an understanding of:

  • Sarbanes-Oxley whistle-blower requirements and protections
  • Whistle-blower relief
  • Hotlines-how to build it right
  • Use of third-party vendors
  • The Federal False Claims Act

13) Time to Do Background Checks.

The learning objectives for this lesson are to gain an understanding of:

  • Finding criminal records
  • Are background checks worth the cost?
  • Role of HR in background checks

14) Training, Training, and More Training.

The learning objectives for this lesson are to gain an understanding of:

  • Building fraud awareness
  • New employee orientation
  • Training different department personnel
  • Audit staff training
  • Data mining

15) Global Fraud and Corruption Risk.

The learning objectives for this lesson are to gain an understanding of:

  • Offshoring
  • The US Foreign Corrupt Practices Act
  • Assessing risk and due diligence
  • Bribery red flags
  • Transparency International

16) The Feds Are Watching: What to Know and Do Now.

The learning objectives for this lesson are to gain an understanding of:

  • The corporate fraud task force
  • FBI strategic plan for combating corporate crime
  • What to do if the Feds show up at the door

17)  A Fraud Prevention Culture That Works.

The learning objectives for this lesson are to gain an understanding of:

  • Zero tolerance for fraud and what it means to the organization

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