Fraud Prevention & Financial Integrity

Fraud Prevention & Financial Integrity

OBJECTIVES

• Learn to detect and investigate fraud in the workplace
• Develop & implement a Fraud Prevention Contingency Plan
• Have guidance through real life war stories and case studies
• Have insights into the mind and psychology of a fraudster
• Take back and implement practical knowledge

WHO SHOULD ATTEND?

Financial, Operational, IT and external Auditors, Audit Professionals, Corporate Attorneys and Information Security Professionals.

COURSE OUTLINE

Current Fraud Trends

• Sensitizing ourselves to current fraud trends
• Some definitions
• Red flags
• Cheque fraud and counterfeiting
• Fraud survey
• How to forge cheques. VIDEO presentation and discussion

Enterprise Risk Management

• Types of risk & risk assessments
• Regulations. King I, King II and COSO framework
• PRACTICAL CASE STUDY. Weak Systems Company

Money Laundering & Economic Crime

• What is Money Laundering
• The Financial Intelligence Centre Act 2002
• Anti-Terrorism reporting requirements
• Benchmarking with Zimbabwe and South Africa

Investigation Techniques

• Asset tracing. Follow the money
• Red Flags
• Symptoms of fraudulent behavior
• Profiling the fraudster
• Investigative techniques
• Interview techniques

Combating e-fraud with Computer Forensics and Data Analysis

• Computer crime
• Technology used in perpetrating and preventing fraud
• Determining if you must investigate or not
• Ensuring your evidence is admissible in court
• Learning methods for successful investigations
• Hackers and Internet Banking. VIDEO PRESENTATION
• Ben fords Law. The power of 1
• EFT Fraud & Red Flags. PRACTICAL CASE STUDY. Avis
• Computer Security Risk Analysis

Establishing Effective Anti-Corruption Procedures to Fit within the Framework of Effective Corporate Governance

• Fraud in the workplace
• Fraud prevention plans and Contingency/Recovery Plans
• Fraud risk heat map
• Policies, procedures and controls
• Good Corporate Governance
• Fraud risk and controlling it
• Lifestyle audits to detect corruption. A VIDEO.

Implementing a Successful Whistle-Blowing Strategy

• Encouraging whistle-blowing
• Formulating a confidential reporting channel
• The Protected Disclosure Act and its protection
• Monitoring your whistle-blowing structure
• PRACTICAL CASE STUDY. Social Welfare Department

Some Fundamental Accounting Concepts

• The profit and loss account
• The balance sheet
• Going concern/consistency/prudence/accruals

How South Africa has legislated against Fraud and Corruption

• The Prevention of Organized Crime Act 1998
• Prevention and Combating of Corrupt Activities Act 2004
• Sarbanes Oxley Act 2002
• Promotion of Access to Information Act
• ISA 240: The auditor’s responsibility to consider fraud

ACFE Report to the Nation on Occupational Fraud and Abuse

• Report based on 2608 live cases
• Profile the fraudster

Financial Statement Fraud

• What is financial statement fraud?
• Who are the victims and who are the perpetrators
• A practical example – 5 ways to cook the books
• Improper revenue recognition
• Improper deferral of costs and expenses
• Fraudulent financial reporting risk assessments

Bribery and Corruption

• Transparency International Bribe Payers Index
• Bribery
• Conflict of interest
• Extortion
• Kickback schemes

Organized Crime

• Who are the perpetrators
• Some real life scams and schemes

Reducing your Fraud Risk

• Fraud prevention. A 4 step approach
• Fraud health-check
• Fraudster personality types
• Fraud detection. A 5 step approach

The Power of Trust …. the ultimate control