"How to prevent and detect corporate fraud!!"

Under COSO 2013, Principle 8: "The organization considers the potential for fraud in assessing risks to the achievement of objectives".

Corporate fraud is more prevalent today than ever before. Layoffs, pressures, incentives, anonymity, computerization, and lack of privacy are all contributing factors.

Fraud consumes an estimated 5% of corporate revenues. How can the auditor, investigator, accountant, financial analyst, attorney or business owner deal with fraud? By understanding fraud, the perpetrators, and the breakdowns in internal control you can develop a program to detect and prevent it.

We will examine in this CPE seminar the many facets of corporate fraud: the schemes, the motives, the opportunities, the problems and the risks. We will "slice and dice" the frauds and then we will examine how we can deter, detect and correct the underlying internal control problems.

This timely CPE seminar is designed for the CFO, Controller, CAO, internal control specialist, CFE, internal auditor and others who have to create an effective fraud detection and prevention program under COSO 2013.

Each attendee will receive 4 Behavioral Ethics and 4 Auditing CPE Hours (YB). In California, this seminar provides the four hours of CPA Fraud credits. A certificate of completion will be provided.

Seminar Highlights

- Major fraud risk categories

- Best practices in conducting a fraud detection and prevention program

- Understanding a fraud risk assessment

- Value of a fraud detection and prevention program

Learning Objectives

- Attendees will understand how a fraud risk assessment is conducted

- Attendees will learn how to identify fraud risks

- Attendees will review best practices in fraud detection programs

- Attendees will learn how to evaluate and document internal controls mitigating fraud risks

Key Issues on the Agenda

Introductions

Section 1 - Internal Control Frameworks of Fighting Fraud

- Occupational fraud defined

- Risk control balance

- Controls for SOX compliance

- What is COSO 2013?

- What is COBIT?

- AICPA SAS 99

Section 2 - Understanding the Fraud Perpetrators

- Corporate psychopath

- Fraud triangle

- Fraud by entity

- Fraud by industry

- Fraud by occupation

- Behavioral red flags

- How is fraud discovered?

Section 3 - Fraud Classification

- Asset Misappropriation

- Corruption

- Financial Statement

Section 4 - Financial Statement Fraud Schemes

- Definition

- How Can Fraud Happen?

- Who is Responsible?

- "Fraudit" testing

Section 5 - Preventing and Detecting Financial Statement Fraud

- Prevention - Financial Statement Fraud

- Detection - Financial Statement Analysis

- Financial Ratio Analysis

- Inspecting financial transactions

Section 6 - "Best Practice" Anti-Fraud Controls

- Fraud Policy

- Outsourced hotline

- Anonymity

- Communications flows

- Codes of conduct - expectation setting

- Segregation of duties

- Internal audits - Physical security

- Human resources policies

- Effective entity level controls

- Continuous monitoring

Section 7 - Software Tools and Techniques for fighting Fraud

Section 8 - Creating a Fraud Risk Assessment

Section 9 - "I found fraud and now what?"

Section 10 - Summary and Wrap-up

Experts Providing Training Seminars

The creator of this program is David S. Marshall, a Principal with Infotech Global Audit and Security; this consulting firm specializes in internal auditing, information technology, security, regulatory compliance and fraud investigation. Dave is the co-founder of Corporate Compliance Seminars. He is the President of the Greater Chicago Chapter of the Association of Certified Fraud Examiners and is a Director on several Boards. With over 20 years of experience, he is an authority on assessing and strengthening internal control. Dave helps companies of all sizes.from start-ups to multi-nationals improve their business by improving their internal controls.

Our programs are CPE for professionals with CPA, CGA, CIA, CFE, CISA, CMA and CA designations.

Corporate Compliance Seminars has been created by experts who enjoy providing CPE classroom training, workshops and consulting on internal controls, internal auditing and accounting related subjects. We have focused on SOX, COSO, PCAOB, COBIT, GRC, IFRS, AICPA, GAO and IIA Standards.

Corporate Compliance Seminars presents CPE to auditors, compliance and IT professionals, Boards of Directors and Audit Committees. We examine the details of risk management, Sarbanes-Oxley Act compliance, Model Audit Rule compliance, auditing, internal controls, IT security and compliance, and fraud prevention and detection.

Corporate Compliance Seminars allows the attendee to earn Official NASBA CPE credit.

Our seminars focus on the details of the Sarbanes-Oxley Act of 2002 (SOX), Internal Controls over Financial Reporting (ICFR), Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control Frameworks, ISACA's Control Objectives over Information Technology (COBIT), Information Technology Infrastructure Library (ITIL), Open Compliance & Ethics Group's (OCEG) Governance, Risk & Compliance (GRC) methodology, PCAOB's Auditing Standard 5 (AS5), AICPA auditing standards and the future conversion from GAAP to the International Financial Reporting Standards (IFRS).

Our seminars provide CPE for the CPA, CFE, CIA, CISA, auditors and others with effective and engaging training.

Experts Providing Fraud Prevention Resources

Association of Certified Fraud Examiners

The ACFE is the world's largest anti-fraud organization and premier provider of anti-fraud training education and certification.

Whistleblower Communication Solutions from NAVEX Global.

Ongoing reminders to keep fraud prevention top of mind, including posters with your hotline number. A positive workplace culture with open lines of communication with management. Annual training that provides employees with a deeper level of understanding of corporate fraud and appropriate ethical behavior.

Ten Essential Tips for Preventing Corporate Fraud i-Sight

The bulk of your company's fraud prevention efforts should be focused on the creation and implementation of proactive preventive techniques, including internal controls, policies, and procedures that are specifically designed to prevent fraud.

Preventing corporate fraud during organizational transformation

Change is inevitable, but it exposes companies to significant financial, occupational and compliance fraud risks - as Waste Management Inc. showed.

Five Strategies for Avoiding Corporate Fraud Science of People

Here are 5 strategies for avoiding corporate fraud in your business. ... stats from the report and end with some suggestions on preventing corporate fraud.

A Three-Point Plan to Prevent Corporate Fraud AllBusiness.com

In its simplest form, effective fraud prevention can be broken down into three pieces. The substantive policies, procedures, and activities which a company implements can be complex, but are sometimes best understood within this simple framework.

Identifying and Preventing Corporate Fraud Fraud Files Forensic

Jun 8, 2017 - Internal fraud is a huge risk to companies. Experts estimate that on average it costs companies 3% to 5% of revenue each year. When profit margins are thin, internal fraud can literally put some companies out of business. Executives are prone to underestimating the amount of fraud that exists within their companies. They want to believe that their internal controls are better, their employees are more honest, and their ability to stop fraud is more effective than that of executives at other companies.

Corporate Fraud: Tips for Fraud Prevention and Protection Shred-it

Mar 2, 2017 - Get the top 10 tips for prevention and protection against corporate fraud. Read more to secure your workplace today with these proactive.

Corporate Fraud Prevention - Now Is The Time Corporate Counsel

Jun 1, 2009 - Editor: Many companies take a reactive approach to fraud prevention and respond to fraud events only after the fact.

Small Business Fraud Prevention Tips (from Experts) Chargeback

May 18, 2018 - Fraud comes in all shapes and sizes. From suspicious employees to fraudster, a small business needs to strengthen their fraud prevention

Seven Ways to Avoid Corporate Fraud Azrael, Franz, Schwab, & Lipowitz

For more information on preventing corporate fraud or what to do in the event of such, contact a corporate fraud attorney from Azrael, Franz, Schwab & Lipowitz.

Six Strategies For Fraud Prevention In Your Business Complete

Jul 3, 2018 - Implement these six strategies to minimize fraud risk in your business and promote anti-fraud policy.

Fraud Prevention Keys | Corporate Governance | Whistleblowers Red Flag Reporting

May 26, 2015 - When it comes to fraud, many executives default to thinking either it won't happen here, or we don't have the resources to do anything differently. But there are five practical steps to prevent fraud that every company can manage.

Fraud prevention and detection - focus on the technological trend Financier Worldwide

How much loss could fraud cause? According to a report from the Association of Certified Fraud Examiners (ACFE), which contains an analysis of 2410 cases from January 2014 to October 2015, it is estimated that fraud could cause losses totalling 5 percent of the annual revenue of an organisation (ACFE, Report to the Nations, 2016 Global Fraud Study). Additionally, from the perspective of organisations' sustainable operation, there is a high possibility that their reputation could suffer from fraud. Despite this astonishing figure and potential reputational damage, companies still fail to appreciate the importance of establishing a sound fraud prevention and detection policy. For practical reasons, companies show indifference due to compliance costs and the naive attitude that fraud will never affect them. This financial strategy and careless view ensure that fraud continues.

Strong Corporate Governance Needed for Managing Fraud Risk Kaufman Rossin

Nov 30, 2017 - Fraud risk threatens firms of all sizes, and managing that risk starts at the top.

The median loss from a single case of occupational fraud is $150,000, with 23% of cases resulting in losses of $1 million or more, according to the 2016 ACFE Report to the Nations on Occupational Fraud and Abuse published by Association of Certified Fraud Examiners. The global fraud study also found that the median damage was 10 times worse when owners or executives committed fraud than when it was employees.

Fraud Prevention Tips For Small Business Clients Accountant

Fraud prevention seems like a heavy topic for many small business owners, but the risks are real. They can begin to protect themselves using these 10 tips.

Corporate Fraud: Prevention and Detection Stephen Hill (Author)

Since the first edition of this practical book, there has been a huge change in this area of the law, in terms of both the types of fraud that are committed and the surrounding legislation. This book provides a step-by-step guide to detecting fraud and sets out the most effective counter-measures. Written for practitioners as well as nonspecialists, including auditors and company directors, Corporate Fraud puts solid forensic accounting skills into plain English, making the title an important addition to the library of anyone with responsibilities in this area. The new content includes: coverage of Fraud Act 2006 and Proceeds of Crime Act 2002; ISA 240 and the responsibility of auditors; how fraudsters utilise IT; corporate identity fraud; motivation and the Fraud Triangle, and loss of data.

Payment Fraud Prevention Solutions Mastercard

The speed of modern payment systems is being exploited every day, leaving financial institutions and their clients to bear the costs. These new threats demand that we apply cutting-edge data science to payments data to develop new financial crimes solutions. For businesses, this can mean having help to protect from payment fraud, and for financial institutions, this means help with improvements in business performance and managing reputational risk. Be prepared for whatever the payments revolution has in store.

Credit Card Fraud Prevention American Express

Fraud is a growing concern, but you can help protect your business against it. We have information and resources to help you minimize the risk of fraud at your company.

Tips and Techniques for Detecting and Preventing Fraud Corporate Compliance Insights

Data analysis techniques and tips for detecting and preventing fraud

Fraud, whether it occurs in the form of carefully crafted ponzi scams, fudging financial reports or theft from one's own employer, is reaching alarming proportions and is not without its costs. Businesses and government agencies worldwide suffer hundreds of billions in lost or misused funds, diminished value, and irreversible damage to company reputation and customer trust.

Investor Protection and Corporate Fraud Center George Mason University

The Investor Protection & Corporate Fraud Research Center strives to provide thought leadership on investor protection and fraud risk by sponsoring, conducting, and disseminating research in these areas. The Center focuses on investor protection activities such as the role corporate governance, the role of auditors, insider trading, management disclosures, and the legal and regulatory environment of business. The Center's focus on fraud prevention includes among other things, detecting and understanding fraudulent financial and tax reporting, deliberate efforts by management to mislead stakeholders, and fraud investigation and discovery techniques.

Building a Robust Fraud Prevention Program Fraud Magazine

Microsoft, of course, is huge. That computer on your desk probably contains at least one Microsoft product. The firm has almost 80,000 full-time employees with offices in more than 100 countries and thousands of vendors. Like many burgeoning global corporations, it has to seek staffers with integrity. But even with the best hiring practices, no entity can ignore the possibility of fraud in its ranks.

Seven Habits of Highly Effective Fraud Prevention Programs Lowers & Associates

Avoiding the losses that result in cases of fraud is not a matter of luck or good fortune. Strategic fraud prevention programs, strategies, and processes form the front line of fraud defense by identifying and filling gaps before losses happen.

The Association of Certified Fraud Examiners (ACFE) has a valuable resource available to help assess the health of your existing fraud prevention processes. Known as the ACFE Fraud Prevention Check-Up, the self-administered 'check-up' can give you a candid view into your company's vulnerability to fraud and identify major gaps in your processes.

The ACFE's seven-point assessment covers the following issues, which can be interpreted as the most essential elements or "habits" of an effective fraud prevention program:

1. Fraud Risk Oversight

Effective programs establish a process for the broad oversight of fraud risks. This oversight is governed by the board of directors, an audit committee, or other group charged with governance.

2. Fraud Risk Ownership

Organizations with effective fraud prevention programs assign "ownership" of fraud risks to a senior manager. This individual then assigns down responsibilities to unit-level managers to instill a similar level of ownership across the organization.

3. Fraud Risk Assessment

Having an ongoing process for identifying significant exposure to fraud risk is another characteristic of an effective prevention program.

4. Fraud Risk Tolerance and Risk Management Policy

Certain fraud risks are tolerable and considered an acceptable cost of doing business. Others are simply too risky in their potential to cause catastrophic financial or reputational damage. Effective fraud prevention programs are calculated by their identification and categorization of risks and have a clearly accepted tolerance level for each. Taking this further, when an organization has clearly identified and has approval of its board of directors concerning policies on managing fraud risks, its processes will be more effective.

5. Process-Level Anti-Fraud Controls and Reengineering

Fraud can be prevented by layering controls over existing processes or re-working processes entirely to eliminate or reduce the potential for fraud. Organizations with effective fraud prevention practices conduct a risk assessment and then address those identified risks with process-level controls or reengineering to help prevent, deter, and detect cases of fraud.

6. Environmental-Level Anti-Fraud Controls

"Major frauds usually involve senior members of management who are able to override process-level controls through their high level of authority," states the ACFE. To combat this, many believe that "soft" controls, such as promoting ethical behavior, deterring wrongdoing, and encouraging all employees to report known or suspected fraud, offer a strong defense against fraud.

7. Proactive Fraud Detection

Having a process in place to proactively detect, investigate, and resolve potentially significant fraud is the final area of the ACFE's risk check-up. Proactive fraud detection tests, or audit "hooks", that are designed to spot or flag the potentially meaningful risks uncovered in a fraud risk assessment are particularly beneficial.

Assessing your organization across these seven dimensions will give you a general sense of your performance related to fraud prevention. Click here to view the full ACFE Fraud Prevention Check-Up.

For a more detailed look at fraud prevention, it is wise to consult a Certified Fraud Examiner.

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