Corporate frauds have the inherent power to bring large organizations to their knees, cause huge monetary loss, prompt lawsuits followed by significant legal expenses, lead to the imprisonment of employees and deteriorate the confidence in the market, governments, and institutions. While developments in the business world, especially on the technological front have accelerated the evolution of various industries, it has also engendered the evolution of white-collar crime especially corporate fraud. The destructive repercussions of corporate fraud have been felt across governmental bodies and companies irrespective of the industry they belong to. In response, corporations and governments across the globe have stepped up their effort to inspect, prevent and penalize fraudulent practices; resulting in a greater emphasis on the domains of forensic auditing and accounting in the current economy. this training course will empower you to recognize the root causes of fraud and white-collar crime in the current economy, understand the categories of fraud, equip you with methodologies of fraud detection and prevention, and heighten your ability to detect potential fraudulent situations. In addition to the fundamentals of fraud investigation and detection in a digital environment; profit-loss evaluation, analysis of accounting books, legal concepts, and quantification of financial damages are also examined in this course.
Fundamentals of accounting practices
The essentials of forensic examination
Responsibilities of accounting investigators and auditors
The forensic accounting legal environment
Synopsis of white-collar crimes
Overview of effective fraud investigation
Types of corporate fraud
Psychology of the fraudster profile
The Fraud Triangle theory
Implications of corporate fraud to internal and external stakeholders
Scope and types of financial statement frauds
Analysis of financial statements and audit reports
Horizontal and vertical analysis
Financial ratio analysis
Anomaly detection to identify nonconformities
Techniques for recognizing the symptoms of fraudulent behavior
Review of the investigation process and case initiation
Evidence collection techniques
Gathering & Assessing Observational Evidence
Gathering & Assessing Financial Evidence
Gathering & Assessing Non-Financial Evidence
Importing & Analyzing data utilizing MS Office tools
Root cause analysis (RCA) of corporate fraud
Understanding the analysis of data based on Newcomb-Benford’s law
Overview of Data-driven Fraud Analysis Techniques
Evaluating the extent and scope of fraudulent practices
Auditor responsibility and reporting standards
Forensic audit report template
Risk assessment and reporting
Business Valuation and Damages reporting
Examining the existing internal control environment
Understanding the COSO Model (“Internal Control-Integrated Framework”)
Control Environment
Risk Assessment
Control Activities
Information & Communication
Monitoring
In-depth review of COSO’s Fraud Risk Management Guide 2016.
Learning the ‘Evaluate – Identity – Deter – Respond’ cycle of managing corporate fraud
Identifying organizational tolerance to risk and improvement of internal controls
Formulating a critical fraud response strategy
Developing an anti-fraud program
Aligning objectives and expectations with key decision-makers
Effectively Communication of objectives to relevant personnel
Cooperating with internal and external auditors
Working alongside other legally trained departments such as compliance, legal and ethical committees.
Fundamentals of accounting practices and financial statement analysis.
An overview of the forensic accounting legal environment
An understanding of the forensic accountant’s responsibility, forensic accounting, and fraud examination
In-depth study of the procedures in fraud detection including:
Methodologies to identify and categorize fraudulent practices
Various approaches to the collection of evidence
Fraud investigation procedures
Reporting, and the recovery procedure following legal prosecution
Business Valuation Strategies
Knowledge to plan and strategize viable frameworks and procedures for fraud detection and prevention
The essential expertise and to become a more effective and efficient forensic auditing and accounting investigator/overseer.
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