OBJECTIVE:
Effective fraud risk management requires an integrated approach. Too often, businesses implement some helpful practices, but overlook other principles that ensure the full spectrum of their unique risks is addressed. This holistic approach brings together key principles and practices using the 2016 updated COSO fraud risk management framework. 

Case discussions, sample codes of conduct, fraud policies, fraud risk checklists, numerous examples and other practical materials will help participants build a corporate culture and framework that prevents and detects fraudulent activity. 

WHO WILL BENEFIT:
CPAs in industry who require knowledge of potential fraud indicators in their transaction streams and how to develop an integrated approach for effective fraud risk management and public practitioners who want to better identify indicators of potential fraud which can assist in the conduct of an effective audit.

LEARNING OUTCOMES:
By the end of this course, participants will have a stronger understanding of:

• the necessity of managing fraud risks,
• an integrated approach to fraud risk management that utilizes the 5 key COSO principles,
• creating an ethical environment, and
• other preventative and detective fraud control activities, 

CONTENT:

•  Why we need to manage fraud risks
• COSO framework for Fraud Risk Management
• Principle 1: Governance - creating an ethical environment: discussion about codes of conduct, fraud policies, hotlines, ethics training, employee declarations, and other practices
• Principle 2: Comprehensive fraud risk assessment: fraud indicators and red flags, and a series of fraud risk assessment cases
• Principle 3: Preventive and detective fraud control activities: a high-level overview of potential controls
• Principle 4: Fraud investigation protocol: high-level overview of how to properly react to fraud, investigation considerations, taking corrective action and fidelity insurance matters
• Principle 5: Fraud risk management monitoring: ongoing evaluation and timely communication, with an introduction to data analytics

NOTE:
Some overlap with Fraud Happens – What to Do When you Suspect Fraud, which focuses on COSO Principle 4 and goes into much more detail about relevant investigate and legal tools and techniques to perform investigations.

COURSE LEADER: NICOLE KALESNIKOFF, CPA, CA, IFA