This course aims to link approaches to fraud detection, prevention, and reporting with the evaluation of internal control (COSO) using case studies and real-life examples. The recent ACFE Report on Fraud explains how some companies continue to ignore lessons which have been learned over decades. Recently enacted standards on related party fraud are reshaping management and the auditor's responsibilities. At the same time cyber fraud is posing new challenges for all types and sizes of business. Ineffective internal control is the key enabler for most types of fraud. This course discusses real-life examples of internal control breakdowns and their consequences using the revised COSO model. The potential uses of data analytics to provide a more cost effective and focused approach to evaluating controls will also be described.
Upon successful completion of this course, participants will be able to:
- Judge whether Internal controls are becoming more effective.
- Evaluate compliance and financial reporting risks in today's economy.
- Understand the revised COSO model's principles and points of focus.
- Describe how internal controls broke down according to recent SEC and PCAOB enforcement actions.
- List the challenges to internal control; in closely held companies.
- Appreciate how data analytics can be used to evaluate internal control.
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