+91 80809 81364 EMAIL

T O P I C S

Time: 1 PM – 5 PM (IST – Indian Standard time)

DAY 1: Fraud Prevention

Fraud- the invisible enemy
  • Fraud statistics
  • Why is fraud such a serious issue?
  • ACFE 2020 fraud survey results
  • The cost of fraud
  • Who commits fraud?
  • Profile of a fraudster
  • Trends and statistics regarding detected fraud
  • Why fraud is probably being perpetrated now in your organisation.
  • Action taken against fraudsters
Fraud case studies
  • 15 fraud case histories and the lessons to learn
  • Bank paying in slips
  • BCCI fraud
  • Madoff
  • Barings Bank
  • Enron
  • +10
Exercise 1 - What are the lessons from the frauds?
Evaluating the fraud risks
  • E & Y 13th global fraud risk survey results
  • Fraud risk management process
  • Managing the business risk of fraud (IIA, CPA, CFE paper )
  • Building a picture of the major fraud risks
  • Fraud risk matrix
  • Fraud scenarios
  • Fraud risk register example
  • Fraud risk questionnaire
  • Generic risk factors
  • Design of controls to prevent fraud
Exercise 2 - Identifying the main fraud risks in your organisation
The IT fraud risks
  • Computer fraud paper
  • Computer fraud prevention
  • E-Commerce – the key fraud risks and steps to take to mitigate them
  • Internet and Intranet – the fraud risks
  • Preventing internet fraud paper 
  • IT security – how to evaluate effectiveness and influence change
  • Adoption and enforcement of information security standards
  • Segregation of duties - the dangers and the practical solutions
  • How to detect IT fraud
Exercise 3 - IT fraud risks
Identity fraud
  • Identity fraud – the fastest growing fraud risk
  • Identity fraud – fraud advisory panel paper
  • Identity fraud examples
  • How to protect your business
Exercise 4 – Identity fraud
The risk of Corruption
  • The biggest risk of all in developing countries
  • The threat that is most difficult to detect
  • Corruption causes
  • Corruption indexes by country
  • Fraud red flags
  • Corruption questionnaire
  • The issues to look for
Exercise 5 - Identifying corruption indicators

DAY 2: Fraud Mitigation

Fraud controls
  • How to evaluate fraud risk mitigation
  • Why controls may not protect you
  • Putting yourself in the mind of the fraudster
  • Examination of typical controls in place to mitigate the risks
  • Risk exposures
  • Identifying the vulnerable areas.
Exercise 6 - Understanding how fraudsters think
Fraud indicators (Red flags)
  • 125 fraud indicators
  • How to spot the danger signals
  • Fraud indicators –fraud advisory panel paper
  • Behaviours
  • Results/trends
  • Documentation
  • Goods, services and assets
  • Corruption
  • Cash and payments
  • People
  • Computer fraud
  • Developing a toolkit for identifying possible frauds
  • A fraud toolkit will be provided
Exercise 7 - The fraud indicators
Procurement fraud
  • Tendering and bidding fraud
  • 25 Procurement fraud indicators
    • Sole source supply
    • Contracts awarded where the evaluation score was not the best
    • Unusual trends in the approval process
    • Minimum number of tenders not received
    • One supplier always wins
    • Lowest bid regularly not accepted
    • Winning bids just lower
    • Only one supplier meets the conditions
    • Only one successful bid
    • Tender documentation ‘lost’
    • Excluding cheaper bidders
    • Complaints from bidders and other parties
    • Multiple contracts just below procurement thresholds
    • Seemingly inflated agent fees
    • Suspicious bidders
  • Supplier and outsourcing fraud
  • Procurement and inventory fraud risks
  • Bid rigging – the issues to look for
  • A procurement fraud checklist will be provided
  • Case histories
Exercise 8- Fraud in procurement
Implementing a best practice fraud mitigation process
  • CIMA fraud risk management guidance
  • Introducing effective anti-fraud policies
  • Creating a fraud consciousness loop
  • Development of a fraud awareness training programme
  • Communicating standards of expected behaviour /ethics
  • The need for strong and consistent action when fraud is suspected.
  • Electronic data and asset protection
  • Fraud response plans paper
  • Anti- money laundering – issues and requirements
  • Money laundering paper in the pack
  • The relationship between fraud, risk and control
  • The roles, responsibilities and liabilities of auditors, management, specialists and others
Exercise 9 - Fraud awareness training
The legal aspects
  • The need to stay within the law
  • The legal implications
  • When to bring the lawyers in
  • How to protect your work from disclosure – legal privilege
  • How to ensure that evidence is admissible
  • Search and seizure orders
  • Civil V Criminal action
  • UK Bribery Act and the worldwide implications
  • Gifts and hospitality guidance
  • How to recover stolen assets – making sure the criminal does not profit
  • Employers and employees rights
Exercise 10 – The legal impacts

DAY 3: Fraud Detection and Data Mining

Ensuring a cost-effective balance between prevention and detection
  • Use of management check-lists
  • The need to be able to think like a fraudster – to be able to prevent it
  • Company policy on consequences of committing fraud
  • Facilitation of whistle blowing
  • Whistle blowing policy 
  • Pros and cons of external hot-lines
  • Use of specialists to aid detection and investigation
  • Preparing and implementing fraud contingency plans
  • How to ensure fraud investigation is always given top priority                               
  • Use of successful fraud investigation as a moral deterrent
  • Managing the external coverage of proven fraud
Exercise 11 - Fraudulent documents
Data mining as a fraud detection tool
  • Fraud detection basics paper
  • Fraud profiling – how to target the right systems
  • GTAG 13 Fraud detection in the automated world
  • Data mining paper
  • Risk scoring     
  • Fraud Risk prioritisation        
  • How to get the information you need
  • The use of Internal databases
  • Use of External databases
  • Data Validation
  • Automated fraud detection
  • How to put the techniques into use in your organisation.
  • Association rules in data mining
  • Use of big data
  • Audit software – the tools available
  • Practical uses of data mining and the results achievable
      • Data validation
      • Fraud interrogation routines
      • Data visualisation
      • Trend reporting
      • Fuzzy logic
      • Pattern recognition
      • Neural networks
Exercise 12 - Determining tests and comparisons you can undertake to target the areas of risk in your organisation
Use of Computer assisted audit techniques (CAAT’s)
  • ACL as a fraud investigation tool
  • ACL fraud e- book
  • Examples of how to use CAAT’s in fraud investigation will be shared
  • Benford’s Law and it’s importance in analytics
  • Benford’s and CAAT’s paper
  • Monte Carlo and Markov chains
  • The key fields approach
  • Looks at the potential for fraud by considering
  • The data being entered
  • Which fields could be manipulated (and by whom),
  • What would be the effect?
Exercise 13 - The fraud game (A and B challenge)
Continuous Assurance
  • The practicalities of continuous assurance
  • Real-time assessments, enabled by technology.
  • Provides early warning of frauds
  • Assurance mapping with the 3 lines of defence to detect fraud
  • Continuous fraud risk assessment techniques
  • Case studies of continuous assurance
  • Adapting quickly to identify changes in risks and potential exposure.
Exercise 14 –Opportunities for continuous fraud assessment
What to do when you suspect fraud
  • How to react when fraud is suspected
  • How to decide who needs to be told
  • How to respond to anonymous letters
  • Identifying misleading and malicious allegations
  • How to deal with tips obtained from hotlines
  • How to decide if you need outside help
Exercise 15: The anonymous letter