Internal Control and Fraud Prevention

How does your organization manage fraud risk? Fraud prevention and detection is everyone’s business. This four day workshop will provide greater insights on understanding fraud schemes, the design of internal controls as well as the key challenges in fraud management.  Upon completion of this workshop, participants will be able to:

· Understand the importance and the role of internal controls in fraud prevention and detection.

· Appreciate and propose activities to manage various types of corruption

· Understand key challenges in fraud management and resources to counteract these challenges

Understand Fraud

· Definition of fraud

· How fraud occurs

· The fraud triangle

· The true cost of fraud

· Impact of fraud to an organization

Importance of Internal Control

· Overview of internal controls

· How internal controls cups threats

· Why threats are increasing

· Internal control over financial reporting

Fraud Prevention and Detection

· Assessment of fraud risks

· Control environment

· Fraud risk management

· Internal control frame work

Internal control to prevent fraud

· How to design controls to detect fraud

Fraud Schemes

· Corruption scheme

· Misappropriation of assets

· Financial statement fraud

· Theft of cash

· Inventory and other asset fraud

Red flags of Fraud

· Opportunity red flag

· Personnel characteristic red flag

· Situational pressure red flags

· Red flags of retention to management fraud

· Common indications of possible fraudulent Activities

FOR WHOM:

All Internal Auditors and Risk Managers in the Public and Private Sectors.

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.