By Leonard W. Vona
Supplying a entire framework for construction a good fraud prevention version, Fraud probability overview: construction a Fraud Audit Program provides a readable review for constructing fraud audit strategies and construction controls that effectively reduce fraud. a useful reference for auditors, fraud examiners, investigators, CFOs, controllers, company lawyers, and accountants, this ebook is helping company leaders reply to the chance of asset misappropriation fraud and discover fraud in middle enterprise platforms.
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Extra resources for Fraud Risk Assessment: Building a Fraud Audit Program
Example text
By design, the procedure focuses on the concealment strategy and associated red flags. Fraud audit procedures are: • Document examination. Documents are examined for the red flags of fraud. • Economic substance procedure. Procedures are performed to determine that the transaction occurred and the asset exits. • Independent data comparison. Procedures are performed to compare the transaction to a database not under the control of the perpetrator. The database may be an electronic file, paper file, or interview.
4. Identify the fraud opportunities. 5. Develop the fraud scenario. 6. Build a data profile of the fraud scheme. 7. Use data-mining techniques to search for the transactions consistent with the data profile. 8. Design the audit procedure. 9. Consider the sufficiency, reliability, and authenticity of the collected evidence. 10. Formulate a fraud conclusion. The basis of a fraud audit differs from that of a traditional audit in the following ways: • The fraud audit does not test for the existence of controls.
The design of the audit procedure with regard to evidence is critical, so that auditors know from the beginning of the fraud audit what logical conclusions can be reached regarding the fraud scheme. indd 35 Data mining Data mining Block sample for a time period or department Embezzlement/Ghost Employee/Terminated Ghost Embezzlement/Ghost Employee/No Show Sampling Strategy Embezzlement/Ghost Employee/Fictitious Fraud: Type/Scheme None Duplicate bank account numbers; Identify terminated employees; Search for changes Search on attributes of fictitious employee Data Mining Company Name Matrix Test of Fraud Red Flags Risk Unit: Asset Misappropriation: Test of Internal Controls See Audit Program Step 7 Determine evidence Document Fraud; of work performance Conclusion Document Fraud; Conclusion Compare final time card to personnel file or job schedule.