COURSE OBJECTIVES: “The risk of fraud increases as the economy downturns”. This maxim is borne out by newspaper headlines and where public funds are at risk, the potential damage to reputation is huge. This inter-active course provides essential training in these conditions and concentrates on occupational fraud risk in the public sector. It combines the latest forensic anti-fraud theory with practical, best-practice advice.
Delegates will learn an effective strategy for managing fraud risk in a proportionate way, focusing on the key controls and learning lessons from recent scandals. Anti-fraud prevention, deterrence & detection strategies are examined in detail, as are control frameworks. The course includes a crucial governance dimension as any anti-fraud strategy will depend for success on the right “tone at the top”.
COURSE CONTENT
THE Modern Fraud Framework
- What is fraud (definitions, types & estimates of scale)?
- Fraud Act 2006
- Discussion of recent fraud cases
- Reasons why fraud is increasing
- Responsibility framework & the role of audit (internal & external) in the fight against fraud
- Limitations of traditional techniques
- SAS 99 & ISA 240 – the keys to effective fraud risk management
From Theory to Practice
- Fraud as business risk
- Board influence and the importance of the “tone at the top”
- Responsibility for the system of internal control
- The people problem – corruption, incompetence, negligence
- Key governance issues influencing fraud factors explored
Fraud Prevention Strategy
- The importance of culture, honesty & the people problem
- Understanding motives
- Focus session: what are the most effective anti-fraud controls in practice?
- Developing anti-fraud policies & hotlines
- A 5-Point Action Plan for effective fraud prevention
Deterring and Detecting Fraud
- Criminal psychology and the “perception of detection”
- Practical ways to increase the deterrence factor
- Indicators of fraud and “red flags”
- The forensic toolkit – risk profiles, data mining & covert capacity
- The fraud contingency plan – how to respond effectively to alerts
- Fraud investigation methodology – a primer
WHO SHOULD ATTEND
Internal auditors, all those responsible for compliance operations and risk management. Working in the public sector