Occupational Fraud:Top 50 Tips on How to Prevent Executive [OCFR Fbx]

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Occupational Fraud: The Top 50 Tips on How To Prevent Executives, Managers, and Employees From Stealing and Not Getting Caught

September 30, 2014
Westmark Fairbanks Hotel
Fairbanks, AK

Many managers or auditors implement controls to prevent and detect fraud on a one-size fits all checklist that arent always appropriate to businesses, or are out of date. This course provides a description of classic and emerging controls that are effective in reducing the risk of fraud in a variety of transaction processing systems. They could be
manual, a hybrid manual/IT, or entirely electronic (such as those proposed for some cloud computing applications). The five components of internal control are addressed as to how, even in smaller entities, controls can contribute to reducing the risk of fraud including financial statement fraud. Also, a new model to help managers, accountants, and auditors to prevent and detect fraud is presented. It is designed to encourage those responsible for fraud detection and
prevention systems to consider certain fraud related variables in addition to those contained in the traditional fraud triangle.

Major Topics:
Who commits various types of occupational fraud & why they do it
Why an understanding of a combined fraud prevention detection model that includes the Seven Deadly Sins and the Fraud Triangle is important in fraud prevention and detection
Why internal controls alone arent sufficient to prevent/detect fraud
Is the presence of adequate segregation of duties indicative of an effective control?
Collusion with third-parties a threat to entities of any size
Methods to minimize the amount of fraud losses
Mitigating controls to counter internal control weaknesses in smaller entities

Learning Objectives:
Identify common red flags associated with various types of financial reporting fraud in addition to the traditional ones contained in the fraud triangle pressure, opportunity, and rationalization
Design cost effective and strong controls for a variety of transaction processing systems
Learn why/how the control environment, risk assessment, information & communication, & monitoring components of internal control contribute to mitigating risks of financial statement manipulation
Understand the components of an anti-fraud program
Obtain an understanding of cost-effective controls to combat fraud

Designed For: Practicing CPAs and accounting professionals in government, business, and industry who wish to enhance their fraud prevention and detection skills

Level of Knowledge: Intermediate

CPE Credits: 8, Auditing

Prerequisite: Experience in accounting and reporting

Acronym: OCFR

Discussion Leader: Jennifer Elder, CPA

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